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September 2, 2014

September 2, 2014

Posted by **Angie** on Friday, September 7, 2012 at 2:32pm.

2. A home loan is to be repaid by a series of equal monthly payments over many years. Prepare a worksheet to calculate the total of the interest paid over the duration of the repayment, using one or more Excel functions. Your results should be in the form of a two-dimensional table, with each yearly interest rate of 3.0%, 3.5%, 4.0%, 4.5%, and 5.0% shown in a separate row, and each loan payoff time of 15, 20, 25, and 30 years shown in a separate column. The total interest payment calculated in each table cell should correspond to the interest rate at the left of the row and the payoff time at the top of the column. The home loan amount of $150,000 should be located in a cell outside of the table that is referenced by the table formulas. The table formulas should make correct use of relative and absolute addresses so that copying any table cell to the entire table gives correct formulas in every cell. NOTE: For an interest rate of 4.0% and a payoff time of 20 years, the total interest payment is $68,152.92 (negative of the value given by the Excel functions), assuming each payment is made at the end of the month.

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