Calculating APR on the schedule
In this exercise, you will need to fill in the fields on the amortization schedule to calculate the APR. You will not need to adjust the rest of the schedule yet to account for this new APR!
- This loan is a $700,000 mortgage at 6.50% amortizing monthly for 30 years.
- There is 1% in loan fees on this loan which will be amortized over the full amortization period.
- APR assumes a 360 day year; when annualizing monthly payments, multiply by 12. Do not use an exponential function.
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- Enter in the correct balances in order to calculate the APR in cells
B20:B21. - Use the number of periods from
B12. Do not multiply the number of years by 12. - Fill in the new monthly payment in cell
B24. This amount should be a positive number. - Calculate APR in cell
B25.
