1. Calculate the principal amounts in the loan amortization schedule as follows:

Question

1.         Calculate the principal amounts in the loan amortization schedule as follows:

In cell E23, enter a formula using the PPMT function to determine the amount of the first loan payment devoted to principal.

Use absolute references only for the rate, nper, and pv arguments.

Use cell A23 as the current period. (Hint: The period is based on a monthly payment schedule.)

Copy the formula from cell E23 to the range E24:E82 to calculate the principal paid in Periods 2–60.

Need help with formulas

1 The Mobile Vegan Expansion Plar 2 Amortization Schedule 4 Conditions Loan amount (pv) Annual interest rate Monthly interest rate (rate) Loan period in years Loan period in months (nper) Monthly Payment Due Start date of loan Add 1 Truck $56,000 4.50% 0.42% 5 8 10 ($1,057) /2)2019 12 23 24 1/2/2019 $ 2/1/2019 $ 3/1/2019 $ 4/1/2019 $% 5/1/2019 $ 6/1/2019 $ 7/1/2019 $ 8/1/2019 $ 56,000.00 $ 56,000.00 $ 56,000.00 $% 56,000.00 $ 56,000.00 $ 56,000.00 $ 56,000.00 $% 56,000.00 $ (1,056.79) (1,056.79) (1,056.79) (1,056.79) (1,056.79) (1,056.79) (1,056.79) (1,056.79) $56,000.00 $ $56,000.00 $ $ 56,000.00 $ $ 56,000.00 $ $56,000.00 $ $56,000.00 $ $ 56,000.00 $ $ 56,000.00 $ 26 27 28 29

Explanation / Answer

Please find the screenshot and formula below:

Screenshot:

Formula:

Please use the following formula in the cell E23:

=PPMT(D$7,A23,D$9,D$5*-1)

Copy the above cell value and apply it to the cells E24:E82.

Please note that the loan value (pv) is entered as a negative value by convention in PPMT formula.

Please let me know in case of any questions.

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