Assignment 6 

Car Financing

Part I - Car Loan Payment Calc.

URL http://www.bankrate.com/goocalg/rate/calc_home.asp

        At the homepage click on

1. Type in the following numbers:

2. Auto loan amount (MSRP) i.e. the cost of your car selected in A3

3. Auto loan term, i.e. number of years or months

4. Interest rate, i.e. percent per year

5. Auto loan start date: 9/23/2011

6. Click CALCULATE button

Part II - Car Payment Calculation Excel File Instructions

Instructions:  type the data into the assigned cell.

Filename: car_payment_lastname

Cell   Data

A1     Payment Calculation

F2      Principal

F3      Interest Rate

F4      Financing Date

A6     Payment Number

B6     Due Date

C6     Number of Days

D6     Payment AMT

E6      Principal Paid

F6      Interest Paid

G6     Note Balance

G2     20000

G3     0.045

G4     04/01/05

A7     1

A8     =A7+1

          Copy A8, Highlight A9:A54, Paste

B7     =G4+30

B8     =B7+C7

          Copy B8, Highlight B9:B54, Paste

C7     Type 30 or 31 à to represent the number of days in the month for B7

       Column C, continue typing number of days in month in column B, same row

F7      =G2*(+$G$3/365)*c7

F8      =G7*(+$G$3/365)*c8

          Copy F8, Highlight F9:F54, Paste

E7      =D7-F7

          Copy E7, Highlight E8:E54, Paste

G7     =G2-E7

G8     =G7-E8

          Copy G8, Highlight G9:G54, Paste

D7     Type number that represents payment amount or 580.00

D8      =+D7   

            Copy D8, Highlight D9:D54, Paste