C268 Spreadsheets

loan information as the arguments for the function you use. Cells C20-C67 in the "Payment" column are populated with the payment amount from cell C15. [34 Points] - answer-=PMT(Rate/#months of term,LoanAmt) =PMT(C13/12,C12,C11) Calculate, in cell D20, the interest amount for period 1 by multiplying the balance in period 0 (cell F19) by the loan interest rate (cell C13) divided by 12. Dividing the interest rate by 12 results in the monthly interest rate. This formula is reusable. The interest for a given period is always the monthly interest rate times the balance from the previous period. - answer-=F19*$C$13/12 Calculate, in cell E20, the principal amount for period 1. The principal amount is the difference between the payment amount (cell C20) and the interest amount (cell D20) for period 1. Construct your formula in such a way that it can be reused to complete the "principal" column of the amortization table. - answer-=C20-D20 Calculate, in cell F20, the balance for period 1. The balance is the difference between the balance for period 0 (cell F19) and the principal amount for period 1 (cell E20). This formula is reusable. The balance is always calculated as the difference between the balance from the previous period and the principal amount for the current period. - answer-=F19-E20 Calculate, in cell G12, the total amount paid by multiplying the payment amount (cell C15) by the term of the loan (cell C12). - answer-=C15*C12 Calculate the total interest paid in cell G13. The total interest paid is the sum of all interest paid in the "Interest" column of the amortization table. - answer-=SUM(D20:D67)