NOTE: There are 2 parts to this assignment. You will submit the excel file (including answers to the 5 questions) to the assignment area of Week 4 and to your e-portfolium. To receiver full credit, both the Excel file and a hyperlink for the e-portfolium must be uploaded in the Assignment area for grading. Make sure you give your instructor authority to review and edit by “authorizing” using their APUS/AMU email address (see attachments below the instructions).
Part 1 Week 4: Major Purchases:
Using MS Excel, create an amortization schedule for a car loan. Open MS Excel and select New, in the templates search for “car loan” and then choose loan amortization schedule from the options presented (see attached video). Fill out the form with data from a car purchase you may have been thinking about recently. Answer the following Six questions in some detail at the bottom of the same Excel file (see below). Make sure you complete the Amortization schedule to completely pay off your vehicle. Finally, on the last page of your excel file, answer the following in some detail:
- What is your payment per month?
- What is your total paid in interest for the term of the loan?
- How long is the term for your loan? Why did you choose this term length?
- What interest rate did you use AND how did you obtain a legitimate interest rate
- What did you learn from this exercise about incurring a debt to purchase this vehicle?
- Is this car affordable in your budget at this time?
Create this assignment using Microsoft Excel. Answer the questions at the bottom of your amortization schedulefile.
- Before you submit your Excel file in the Assignment area, you are going to need to submit the same Excel file (including answers to the Six questions) to your e-portfolium by midnight ET, Day 7 (Sunday). See instructions below in Part 2