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Using the IPMT() function

In this exercise, you will be using the IPMT() function to calculate the first 5 and last 5 payments on a loan.

This loan has:

  • $700,000 principal.
  • 7% annual rate, paid monthly.
  • 5-year amortization rate, monthly payments.

Remember - the IPMT() function is almost the same as the PMT() function; it just takes one extra value!

Also, make sure to put a negative sign before your IPMT() function!

Este exercício faz parte do curso

Loan Amortization in Google Sheets

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Instruções do exercício

  • Fill in the proper interest payments in cells C8:C17 using the IPMT() function.
  • Make sure to refer to the cells containing the opening balance, interest rate, and amortization periods using absolute cell referencing.
  • Do not refer to the rows with the period number using absolute referencing - refer to cell A8 as $A8 not $A$8.

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