DATABASE FUNDAMENTALS
USING THE UPPER AND LOWER FUNCTIONS IN EXCEL
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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dialog box
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amortization schedule
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formula checker
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data table
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Detailed explanation-1: -A loan amortization schedule represents the complete table of periodic loan payments, showing the amount of principal and interest that comprise each level payment until the loan is paid off at the end of its term.
Detailed explanation-2: -These loans taken by the buyers are supposed to be repaid within a given timeframe with the help of regular installments which include a part of principal amount as well as interest. This process of paying off the debt over a period of time through monthly installments is known as amortization.
Detailed explanation-3: -Example of Amortization Formula Amortization is Calculated Using Below formula: ƥ = rP / n * [1-(1+r/n)-nt] ƥ = 0.1 * 100, 000 / 12 * [1-(1+0.1/12)-12*20] ƥ = 965.0216.
Detailed explanation-4: -The amortization period is the length of time it takes to pay off a mortgage in full. The amortization is an estimate based on the interest rate for your current term. If your down payment is less than 20% of the price of your home, the longest amortization you’re allowed is 25 years.