EXERCISE - Loan Schedule

Task 1: A friend of yours desperately needs a mortgage loan. He has already talked to several banks, but he has not received
have to pay. Help him evaluate which bank offers the lowest monthly payment and create a debt schedule (as we did in the v

Number of periods 120 Number of periods 132

Interest rate (annual) 3.00% Interest rate (annual) 3.25%
Interest rate (monthly) 0.25% Interest rate (monthly) 0.27%
Loan Amount ($) 300,000 Loan Amount ($) 280,000

Monthly payment ($) Monthly payment ($)

Period Payment Interest Principal Residual Debt

Date & Time Functions

In the 15-Jan you have taken a small household loan.

1. Use EDATE to estimate the dates for the future payments until the end of the year.
2. Use EOMONTH to calculate the dates of the payments in case you were supposed to repay alway
3. In the Columns DAY, MONTH, and YEAR apply the respective functions and obtain the day, mont
4. Use DATE to create a date 3 years ahead from the date whose year is specified in the YEAR colu

EDATE EOMONTH DAY MONTH

jan 1/15/2017 1/31/2017 31 1
feb 2/15/2017 2/28/2017 28 2
mar 3/15/2017 3/31/2017 31 3
apr 4/15/2017 4/30/2017 30 4
may 5/15/2017 5/31/2017 31 5
jun 6/15/2017 6/30/2017 30 6
jul 7/15/2017 7/31/2017 31 7
aug 8/15/2017 8/31/2017 31 8
sep 9/15/2017 9/30/2017 30 9
oct 10/15/2017 10/31/2017 31 10
nov 11/15/2017 11/30/2017 30 11
dec 12/15/2017 12/31/2017 31 12
 banks, but he has not received information about the monthly payment he will
debt schedule (as we did in the video lecture).

Number of periods 108 Number of periods 96

Interest rate (annual) 2.95% Interest rate (annual) 3.50%
Interest rate (monthly) 0.25% Interest rate (monthly) 0.29%
Loan Amount ($) 290,000 Loan Amount ($) 295,000

Monthly payment ($) Monthly payment ($)

 the end of the year.
e you were supposed to repay always at the end of a given month.
functions and obtain the day, month, and year values for the dates obtained in the EOMONTH column.
e year is specified in the YEAR column, whose month is indicated in the MONTH columns, and whose day is taken from the DAY column.

YEAR "+ 3 YEARS"

2017 1/31/2020
2017 2/28/2020
2017 3/31/2020
2017 4/30/2020
2017 5/31/2020
2017 6/30/2020
2017 7/31/2020
2017 8/31/2020
2017 9/30/2020
2017 10/31/2020
2017 11/30/2020
2017 12/31/2020
Number of periods 120
Interest rate (annual) 4.00%
Interest rate (monthly) 0.33%
Loan Amount ($) 300,000

Monthly payment ($)

s taken from the DAY column.