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cumprinc, not sure how to use it, someone please show me steps ple
The Teaser Loan Company is a bank that makes loans to home buyers. The bank
has made at promotional rate of 1% p.a. for the first five years. The bank is now considering increasing the interest rate to 6% p.a. on these loans but realise that some borrowers may have difficulty in paying their monthly instalments after the interest rate has been increased. The descriptions of the columns in my excel sheet are as follow: Cust Num - A unique number assigned to each customer Last Name - Customers last name Initial - Customers initial Disposable - Customers disposable income at the time of the loan Property Num - A unique identifier of the property the customer owns Rep - Customers loan representative at the bank The data about the loans given are shown here. Each loan was for 20 years at promotional rate of 1% p.a. Loan Num - A unique number assigned to each loan Cust Num - Customer number of the borrower Property Num - The property number of the property Initial Principal - Initial amount of the loan Monthly Payment - The monthly instalment Data about the properties that the borrowers own are shown he Property Num - A unique number assigned to each property Appraised - The appraised valued of the property by the bank when the loan was given Current Val - The value of the property as it nears five-year mark A timeline of the loans is as follows: Principal Amt Paid so far @ 1% 0 ------------------------------------ 5 Years Principal amount remaining @ 6% 5 Years ------------------------------------------------- 20 Years Would anyone be kind enough to show me the steps to calculate the amount of principal paid off in five years via use of the CUMPRINC() function? thanks |
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