Principal amount: $500,000

• Repayments 1 per quarter
• Term of loan 30 years
• Annual Fixed rate 3%
• Quarterly fixed rate .75%

HINT

 

If you need help with this task, review the example with step-by-step instructions in the FNSACC323 Tutor Assist_Performance Task 1.pdf.

Instructions

 

Using spreadsheet software (such as Excel) or similar, create a schedule for the first eleven periods for the loan.

Note: the first three quarters have been completed as a guide to assist you with this task.

Quarter	Loan amount opening balance	Quarterly payment	Quarterly repayment interest	Quarterly repayment principal	Loan amount closing balance
1	$500,000.00	$6,333.79	$3,750.00	$2,583.79	$497,416.21
2	$497,416.21	$6,333.79	$3,730.62	$2,603.17	$494,813.04
3	$494,813.04	$6,333.79	$3,711.10	$2,622.69	$492,190.35
4
5
6
7
8
9
10
11