13 May Using MS Excel (only), create an amortization schedule for a car loan
Assignment Instructions:
NOTE: There are 2 parts to this assignment. First, you will create an Amortization Schedule for a new (or used) vehicle of your choice. The second half of this assignment asks you to create a second amortization schedule for a home, plot of land, or commercial building / plot of land you may be interested in.
Part 1: Vehicle Major Purchases
Using MS Excel (only), create an amortization schedule for a car loan. There is an Amortization schedule attached to this assignment for you to use for this and for Part 2 of this exercise. Fill out the schedule with data using a vehicle purchase that you have researched on the internet. Use a reasonable price from Kelley Blue Book or from an online “build your own” resource. Make sure you complete the amortization schedule to completely pay off your vehicle.
Note: You will need to highlight the last row and use the pull-down cross in the right corner of the highlighted row to add additional rows until you see your asset paid off completely.
Finally, on the last page of the Excel file, answer the following questions by creating a Text box below your amortization schedule:
Note: In Excel go to “Insert” then “Text,” then create a text box at the very end of your amortization schedule. Your textbox should be approximately 5″ by 5″.
Copy and paste these questions and answer them in the same textbox:
What is your payment per month?
What is your total paid interest for the term of the loan?
How long is the term for your loan? Why did you choose this term length?
What interest rate did you use? How did you obtain a legitimate interest rate?
What did you learn from this exercise about incurring debt to purchase this vehicle?
Is this car affordable within your budget at this time?
Part 2: Home, Land, or Commercial Property Major Purchase
Using a second MS Excel spreadsheet, create another amortization schedule for a property you may consider buying sometime in the future. Set a reasonable value for the investment by searching multiple listings in your area.
Next, find a lender that will talk to you, and get an interest rate and loan period that the lender thinks would be reasonable for each purchase (they will be different). Most, if not all, lenders are willing to help with a project like this, so talk to someone you are familiar with and get them to help with a loan period and interest rate. Make sure you complete the amortization schedule to pay off the property.
Finally, on the last page of your Excel file, answer the following questions in some detail in another textbox at the end of your amortization schedule:
Describe what property you want to invest in.
What is a reasonable price for the property, and what resource did you use to come to that price?
How much do you want to borrow, and how much are you contemplating as an initial investment (down payment) on the property?
Who did you talk to about interest rates? How long are you financing the purchase for, and what interest rate have you found that a lender will give you?
What is your total paid interest for the term of the loan from the amortization schedule?
What have you learned from this exercise?
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