Excel 2007 is not my friend - Data Table Help?
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I need to make a Loan Analysis for a company by making a two-variable data table. The question reads -
Ullswater Inc. would like you to create a two-variable data table of total payments. Your two-variable data table should allow Ullswater Inc. to determine the total payment amount for different loan amounts at various interest rates. The interest rates they wish to consider are: 7.50%, 7.25%, 7.00%, 6.75%, 6.50%, 6.25%, 6.00%, 5.75%, 5.50%. The loan amounts they wish to consider range from $40,000 to $45,000 in $1,000 increments.
The Loan is for 60% of the Net Income ($27,600)
Interest is 6.25% (annually)
The Term is for 5 years (60 monthly payments)
I can't figure out the data table - I have it set up correctly (according to a picture provided) but it seems that no matter what values I put in for 'row input' and 'column input' the numbers that come out just don't seem right.
Please help? I feel like I'm missing one little detail...
Excel 2007 is not my friend - Data Table Help?The formula to use is:
=PMT(Annual Interest/12, Term [Mnths], Loan Amount)
You can ref it to your fixed term amount of 60 mnths, and the variables of interest (annual int/12) and loan amounts and drag the formula across the rows & columns appropriately like this:
Interest7.50%$801.52 $821.56 $841.59 $861.63 $881.67
7.25%$796.77 $816.69 $836.61 $856.53 $876.45
7.00%$792.05 $811.85 $831.65 $851.45 $871.25
6.75%$787.34 $807.02 $826.71 $846.39 $866.07
6.50%$782.65 $802.21 $821.78 $841.34 $860.91
6.25%$777.97 $797.42 $816.87 $836.32 $855.77
6.00%$773.31 $792.64 $811.98 $831.31 $850.64
5.75%$768.67 $787.89 $807.10 $826.32 $845.54
5.50%$764.05 $783.15 $802.25 $821.35 $840.45
$40,000.00$41,000.00$42,000.00$43...
Loan Amount
Just remember to fix the cols & row values appropriately.
Hope this helps...
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