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You are considering purchasing a house. The loan that you will need will be for $500,000 and will be paid back with equal monthly payments over 20 years at an annual interest rate of 4.5%. You will complete an amortization table to show the details of the loan payments for the first 2 years of the loan.
Steps to Perform:
- Open the worksheet Loan and complete the shaded cells with values or formulas, using functions as appropriate. Widen columns as needed.
- Pay particular attention to the correct use of absolute and relative cell references.
- Show all values as positive numbers.
- Check all cells for correct number formatting. All dollar values should be Accounting format with 0 decimal places.
