Excel's Formula - sisman

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344 Part III: Financial <strong>Formula</strong>s The payment column simply references the PMT function from the user input section. Because that formula was rounded, no further rounding is necessary. The interest column computes a monthly interest based on the previous balance. The formula in C15 is =ROUND(E14*Rate/12,2) The previous balance, in cell E14, is multiplied by the annual interest rate, which is divided by 12. The annual interest rate is in cell B7, named Rate. Each month’s balance must be rounded to the penny, so every interest calculation is rounded as you go. Whatever portion of the payment doesn’t go toward interest goes toward reducing the principal balance. The formula in D15 is =B15–C15 Finally, the balance is updated to reflect the principal portion of the payment. The formula in E15 is =E14–D15 Loan amortization schedules are self-checking. If everything is set up correctly, the final balance at the end of the term is 0 (or very close to 0, given rounding errors). Another check is to add the Principal components. The sum of these values should equal the original loan amount. Limitations This type of schedule is excellent for loans that will likely never change. It can be set up one time and referred to throughout the life of the loan. Further, you can copy it to create a new loan with just a few adjustments. However, it leaves a little to be desired. You may have noticed that the balance at the end of the loan, as well as the total principal paid in the summary section, is off by $4.07. This is because of the rounding of each month’s payment and interest calculation. Although rounding those results is necessary, a more flexible schedule would allow you to adjust the final payment so the balance is zero when the final payment is made. This schedule lacks flexibility in other ways as well: The payment is computed and applied every month but cannot account for over- or under-payments. Many loans have variable interest rates, and this schedule provides no way to adjust the interest rate per period.
Chapter 13: Financial Schedules 345 Although the user is allowed to specify a term, the rows in the schedule are fixed. Specifying a shorter or longer term would require that formulas be deleted or added to compensate. In the next section, I address some of the flexibility issues and create a more dynamic amortization schedule. A dynamic amortization schedule The example in this section builds on the previous example. Figure 13-2 shows a loan amortization schedule that allows the user to define input parameters beyond the amount, rate, and term. Notice that rows 22 through 114 are hidden. Figure 13-2: A dynamic amortization schedule. The first difference you’ll notice is that this schedule has more shaded cells, meaning there are more cells that the user can change. Also, a column has been added for the annual percentage rate, which now can be different for every period. User input section Not much has changed in Input Area at the top. The interest rate is labeled Starting Rate, and the payment is labeled Computed Payment, indicating that they are subject to change.
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Excel ® Microsoft 2010 ® Microsof
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Excel® 2010 Formulas Published by
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Publisher’s Acknowledgments We’
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vi Part VII: Appendixes Appendix A:
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viii Keyboard shortcuts . . . . . .
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x Potential Problems with Names . .
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xii Date-Related Functions . . . .
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xiv Working with Tables . . . . . .
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xvi Chapter 13: Financial Schedules
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xviii Creating Links to Cells . . .
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xx Excel’s Auditing Tools . . . .
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xxii Does the text match a pattern?
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1 INTRODUCTION Welcome to Excel 201
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VBA code listings Introduction 3 Do
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Introduction 7 You can also use thi
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Basic Information Chapter 1 Excel i
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Introducing Worksheet Functions In
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Working with Dates and Times In Thi
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Figure 6-10: This worksheet convert
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Getting a quick count or sum Chapte
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Yet another way to perform this cou
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Table 10-1: Excel Rounding Function
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Round it up to the nearest penny.
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Financial Formulas Chapter 11 Borro
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x = 1 InterestRate = 0.0625 LoanPay
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Function RANGERANDOMIZE(rng) Dim V(
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Appendixes Appendix A Excel Functio
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768 Part VII: Appendixes Turn off
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770 Index array formulas (continued
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786 Index VBA (continued) data type
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788 Index
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5. Limited Warranty. (a) WPI warran
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