An Amortization Schedule New Functions

An Amortization Schedule An Amortization Schedule An Amortization Schedule Payment schedule on a loan Payment schedule on a loan Shows date of each payment Shows date of each payment Amount that goes towards interest Amount that goes towards interest Amount that goes toward principle Amount that goes toward principle The remaining balance The remaining balance Completely Flexible Completely Flexible Incorporate the option to make an extra payment Incorporate the option to make an extra payment

Logical Functions These functions These functions Check whether a condition is met Check whether a condition is met Return one of two values Return one of two values True or False True or False AND AND OR OR NOT NOT IF IF FALSE FALSE TRUE TRUE

AND Logical Function Checks whether all arguments are true and returns the value true (otherwise returns False) Checks whether all arguments are true and returns the value true (otherwise returns False)

OR Function Checks whether any of the arguments are true and returns true or false Checks whether any of the arguments are true and returns true or false Returns false only if all arguments are false Returns false only if all arguments are false

Additional Logical Functions =NOT =NOT Changes FALSE to TRUE and TRUE to FALSE Changes FALSE to TRUE and TRUE to FALSE =NOT(1+1=2) =NOT(1+1=2) Reverses an equation that evaluates to TRUE (FALSE) Reverses an equation that evaluates to TRUE (FALSE) =NOT(FALSE) Reverses FALSE to TRUE =NOT(FALSE) Reverses FALSE to TRUE =TRUE =TRUE Returns the value TRUE Returns the value TRUE No arguments No arguments Used for compatibility with other spreadsheet programs Used for compatibility with other spreadsheet programs =FALSE =FALSE Returns the value FALSE Returns the value FALSE

Date Functions Excel stores a date as a serial number Excel stores a date as a serial number Jan. 1, 1900 = 1; Jan. 2, 1900 = 2 Jan. 1, 1900 = 1; Jan. 2, 1900 = 2 Want the same date in every month Want the same date in every month Payment Schedule Payment Schedule Jan. 15, Feb. 15, March 15, etc. are due dates Jan. 15, Feb. 15, March 15, etc. are due dates Problem Problem Add 30 or 31, or 28 (29) for February Add 30 or 31, or 28 (29) for February

=MONTH(serial_number) Returns the numeric month of a date represented by a serial number Returns the numeric month of a date represented by a serial number

=DAY(serial_number) and =YEAR(serial_number) =Month(A1)+1 adds 1 to the numeric month

The DATE Function The DATE function is most useful in formulas where year, month, and day are formulas, not constants The DATE function is most useful in formulas where year, month, and day are formulas, not constants =DATE(year,month,day) =DATE(year,month,day) Returns the sequential serial number that represents a particular date Returns the sequential serial number that represents a particular date Year Year Argument can be one to four digits Argument can be one to four digits

DATE Function =DATE(year,month,day) Month Month A number representing the month of the year A number representing the month of the year If month is greater than 12 If month is greater than 12 Date adds the months greater than 12 to the first month in the year specified Date adds the months greater than 12 to the first month in the year specified If month = 14, Excel would return February of the next year If month = 14, Excel would return February of the next year =DATE(2008,14,2) returns the serial number representing February 2, 2009 =DATE(2008,14,2) returns the serial number representing February 2, 2009 Day Day A number representing the day of the month A number representing the day of the month If day is greater than the number of days in the month specified If day is greater than the number of days in the month specified Date adds the extra number of days to the first day in the next month Date adds the extra number of days to the first day in the next month =DATE(2008,1,35) returns the serial number representing February 4, 2008 =DATE(2008,1,35) returns the serial number representing February 4, 2008

An Example Wish to know the next scheduled payment Wish to know the next scheduled payment =DATE(YEAR(A1),MONTH(A1)+1,DAY(A1)) =DATE(YEAR(A1),MONTH(A1)+1,DAY(A1))

DATE Function =DATE(L13,J13+1,K13)

MATCH Function Returns the relative position of an item in an array that matches a specified value in a specified order Returns the relative position of an item in an array that matches a specified value in a specified order Use MATCH instead of a LOOKUP function Use MATCH instead of a LOOKUP function when you need the position of an item in a range instead of the item itself when you need the position of an item in a range instead of the item itself =MATCH(lookup_value,lookup_array, match_type) =MATCH(lookup_value,lookup_array, match_type)

=MATCH Lookup_value Lookup_value The value you want to match in lookup_array The value you want to match in lookup_array Lookup_value can be a value (number, text, or logical value) or a cell reference Lookup_value can be a value (number, text, or logical value) or a cell reference Lookup_array Lookup_array a contiguous range of cells containing possible lookup values a contiguous range of cells containing possible lookup values Lookup_array must be an array or an array reference Lookup_array must be an array or an array reference Match_type Match_type is the number -1, 0, or 1 is the number -1, 0, or 1 Specifies how Excel matches lookup_value with values in lookup_array Specifies how Excel matches lookup_value with values in lookup_array

=MATCH If match_type is 1 If match_type is 1 MATCH finds the largest value that is less than or equal to lookup_value MATCH finds the largest value that is less than or equal to lookup_value Lookup_array must be placed in ascending order:...-2, -1, 0, 1, 2,..., A-Z, FALSE, TRUE Lookup_array must be placed in ascending order:...-2, -1, 0, 1, 2,..., A-Z, FALSE, TRUE If match_type is 0 If match_type is 0 MATCH finds the first value that is exactly equal to lookup_value MATCH finds the first value that is exactly equal to lookup_value Lookup_array can be in any order Lookup_array can be in any order If match_type is -1 If match_type is -1 MATCH finds the smallest value that is greater than or equal to lookup_value MATCH finds the smallest value that is greater than or equal to lookup_value Lookup_array must be placed in descending order: TRUE, FALSE, Z-A,...2, 1, 0, -1, -2,..., and so on Lookup_array must be placed in descending order: TRUE, FALSE, Z-A,...2, 1, 0, -1, -2,..., and so on If match_type is omitted, it is assumed to be 1 If match_type is omitted, it is assumed to be 1

Look-up Array is C2:C5 Look-up Value

INDEX Function Returns a value from within a table or range Returns a value from within a table or range Returns the value at the intersection of a row and column Returns the value at the intersection of a row and column =INDEX(array,row_num,column_num) =INDEX(array,row_num,column_num) Returns the value of a specified cell within array Returns the value of a specified cell within array

=Index(Array,row,column)

Principal Payments Without extra payments Without extra payments Use PPMT function Use PPMT function Returns the payment on the principal Returns the payment on the principal For a given period For a given period For an investment based on periodic, constant payments For an investment based on periodic, constant payments For constant interest rate For constant interest rate =PPMT(rate,per,nper,pv,fv,type) =PPMT(rate,per,nper,pv,fv,type) Rate Rate The interest rate per period The interest rate per period

PPMT =PPMT(rate,per,nper,pv,fv,type) Per Per Specifies the period and must be in the range 1 to nper Specifies the period and must be in the range 1 to nper Nper Nper Total number of payment periods in an annuity Total number of payment periods in an annuity Pv Pv The present value The present value The total amount that a series of future payments is worth now The total amount that a series of future payments is worth now Fv Fv The future value, or a cash balance you want to attain after the last payment is made. The future value, or a cash balance you want to attain after the last payment is made. If fv is omitted, it is assumed to be 0 (zero), that is, the future value of a loan is 0 If fv is omitted, it is assumed to be 0 (zero), that is, the future value of a loan is 0 Type Type The number 0 or 1 and indicates when payments are due The number 0 or 1 and indicates when payments are due

Interest Payments Without an extra payment Without an extra payment Use IPMT Use IPMT Returns the interest payment Returns the interest payment For a given period for an investment For a given period for an investment Based on periodic, constant payments Based on periodic, constant payments A constant interest rate A constant interest rate =IPMT(rate,per,nper,pv,fv,type) =IPMT(rate,per,nper,pv,fv,type) Rate Rate The interest rate per period The interest rate per period Per Per The period for which you want to find the interest The period for which you want to find the interest Must be in the range 1 to nper Must be in the range 1 to nper

IPMT Nper Nper The total number of payment periods in an annuity The total number of payment periods in an annuity Pv Pv The present value, or the lump-sum amount that a series of future payments is worth right now The present value, or the lump-sum amount that a series of future payments is worth right now Fv Fv The future value, or a cash balance you want to attain after the last payment is made The future value, or a cash balance you want to attain after the last payment is made If fv is omitted, it is assumed to be 0 (the future value of a loan, for example, is 0) If fv is omitted, it is assumed to be 0 (the future value of a loan, for example, is 0) Type Type When payments are due When payments are due the number 0 (end of period) the number 0 (end of period) The number 1 (beginning of period) The number 1 (beginning of period) If omitted, type is assumed to be 0 If omitted, type is assumed to be 0