There are seven installed templates in Microsoft Excel 2007.All those help us to easily prepare our day to day needs. We may not use it frequently; but still it helps in someway. Loan Amortization is one of the installed templates in excel. It helps to calculate Total loan amount to be re payed, Scheduled number of payments, total early payments, Total interest and loan re-payment schedule of a Loan Account.
Click on Microsoft Office Logo in the extreme top left of the Microsoft Excel 2007 and click on new. In the dialogue box, in the left panel named 'Templates', Click on 'Installed Templates'. It will display pre-installed templates in the right side. Select 'Loan Amortization' and click on 'Create' button.
An excel file with the heading 'Loan Amortization Schedule' is created after clicking the 'create' button. In the left side, you can view 2 columns demanding 'Enter Values'. Enter Loan Amount (Eg:10000), Annual Interest rate (Eg: 16 for 1.5% per month), Loan period in Years (Eg:1 for 12 months), Number of payments per year (Eg: 12 for monthly payment and 4 for quarterly) and Start date of loan (Eg: 01-March-2012). Click on extra payment column to know what it means.
Soon after entering the start date of loan, the excel file will display the payment schedule with other useful details.
You can save the file if you want it for future reference by using 'Ctrl+S' of selecting the save menu in the menu bar.
You can download more templates from Microsoft website.
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