Assignment 2, you will first create a schedule for the last 2 months of the draw period of a line of credit (LOC) loan using the average daily balance method. The "Assignment 2.xlsx" file shows a beginning balance of $10,000 and charges (loan advances) throughout October. Payments (deposits) of $2500 are made on the 1st and 15th of each month and there are no new charges in the month of November. The "Payment/deposit" column represents payments that are in addition to the Nov. 1 payment and the Dec. 1 payment. You must make sure that the Nov. 1 payment and Dec. 1 payment show up in cells G3 and G4, respectively.

Then, you will create an amortization schedule for the repayment period, in which the remaining balance from the draw period is placed on an amortized 5-year loan (interest rate in cell C76 and compounded monthly). You need to make sure that you are calculating the monthly payment for the repayment period, which needs to show up in cell C77:

The grader file will alter things such as: beginning balance of draw period (cell B10), draw period and repayment period interest rates, amounts of expenses and payments during the draw period, and timing of expenses and payments during the draw period. It will look for the correct values in the "Ending Balance" column for various months of the amortized loan. So, be sure not to "hardwire" your formulas and make them such that they adapt to different numbers, etc.