Imagine something in your future that you plan to borrow money for -- a car, maybe...

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Imagine something in your future that you plan to borrow money for -- a car, maybe your first house or even paying off your student loans! Determine how much you need to borrow, what you think your interest rate will be and how long (in months) you will be paying off the loan. Using the handout provided (attached), design an Excel spreadsheet to calculate the monthly payment amount and prepare the amortization schedule for your loan. You will know if your amortization schedule is done correctly --- the balance after the last payment should be $0 (or close to $0 due to rounding). Also, remember your spreadsheet should be completed using FORMULAS! Formulas are calculated using Excel cell references. Example: A4+ B5 or C3/D12 or E13-F14+C12. What is not acceptable? Formulas that contain numbers! Not acceptable: 50,000 - 4,000 or 3000 + 1000 or 4000/.06 Do not use the same loan amount, interest rate and dates as the handout.... Imagine something in your future! Name your file LastName_Loan.xlsx (My file would be Ford_Loan.xlsx) Imagine something in your future that you plan to borrow money for -- a car, maybe your first house or even paying off your student loans! Determine how much you need to borrow, what you think your interest rate will be and how long (in months) you will be paying off the loan. Using the handout provided (attached), design an Excel spreadsheet to calculate the monthly payment amount and prepare the amortization schedule for your loan. You will know if your amortization schedule is done correctly --- the balance after the last payment should be $0 (or close to $0 due to rounding). Also, remember your spreadsheet should be completed using FORMULAS! Formulas are calculated using Excel cell references. Example: A4+ B5 or C3/D12 or E13-F14+C12. What is not acceptable? Formulas that contain numbers! Not acceptable: 50,000 - 4,000 or 3000 + 1000 or 4000/.06 Do not use the same loan amount, interest rate and dates as the handout.... Imagine something in your future! Name your file LastName_Loan.xlsx (My file would be Ford_Loan.xlsx)