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## Loan Amortization

Preliminary: To be able to complete this question, you need to research what is loan an amortization schedule and how it works. You are not required to include this part in your report.
Requirement: Use an Excel Spreadsheet to create a loan repayment schedule calculator. Your calculator must take the following input and generate the following output.
Input:
Loan amount
Interest rate p.a. (fixed rate, not variable rate)
Payment periods (monthly, fortnightly or weekly)
Term of the loan in years (max 30 years)
Output and other requirement:
The periodic payments
The decomposition of principle and interest payment per period
Based on the term of the loan and the payment periods, your spread sheet must adjust the number of required fields. Example: a 20 years fortnightly loan will require 20×26=520 rows, while a 25 years monthly loan will require 25×12=300 rows.
Total interest paid for the whole loan
Additionally, your calculator must allow for irregular additional payments. That would impact your principle payment and the term of your loan. In this case, your calculator must show how much interest you will be saving, if you make additional payments.