C268 Spreadsheets UPDATED 2023

C268 Spreadsheets UPDATED 2023 1. Calculate the payment amount for the loan in cell C15. Reference the cells containing the appropriate 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]: =PMT(C13/12,C12,C11) 2. 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.: =F19*$C$13/12 3. 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.: =C20-D20 4. 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.: =F19-E20 5. Calculate, in cell G12, the total amount paid by multiplying the payment amount (cell C15) by the term of the loan (cell C12).: =C15*C12 6. 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.: =SUM(D20:D67) 7. Check to see if the total interest calculation in the amortization table is correct. The total interest paid is also equal to the difference between the total amount paid over the course of the loan and the original loan amount. Insert a formula into cell G14 to calculate the difference between the total amount paid and the original loan amount. Notice the negative sign associated with the original loan amount. This value should equal the total interest calculated using the amortization table.: =G12-ABS(C11) 8. Assume you have made the first 36 payments on your loan. You want to trade the car in for a new car. You believe that you can sell your car for $4000. Will this cover the balanc