https://www.youtube.com/watch?v=PlMvy2fnrQ0 (use this example as a template)
- Create a loan amortization schedule using Excel for a $15,000 car loan that will be repaid over 60 months at an annual interest rate of 6%.
- What is your monthly payment?
- What is the total amount of payments made over the life of the loan
- Create a loan amortization schedule using Excel for an $180,000 mortgage that will be repaid over 30 years with monthly payments. The annual interest rate is 5.5%.
- What is your monthly payment?
- What is the total amount of payments made over the life of the loan?
- How many years will it take to pay off the loan if you pay an extra $100 per month?