Basic exercises

1 Equal payment 910.59 € Last amortization 909.07 €

2 38,541.60 €
3 148,255.53 €
4 275 payment 22 years and 11 months
5 Equal payment 749.58 € Sum of interest 32,889.32 €
6 Remainder 788.12 € New equal pmt 788.12 €
7 New number of payments is 276, 18 months longer
8 Number of payments is 218. Loan term is 18 years and 2 month.
9 Equal payment 4,862.58 € Sum of interest (equal pmt) 20,701.92 €
First payment 5,560.00 € Last payment 4,065.00 €
Remainder (equal pm 52,627.96 € Remainder (steadily) 48,000.00 €
7th amortiz 520.23 €

Sum of inte 19,500.00 €

John wants to take an equal payment loan of 180 000 € for 20 years with monthly payments. The interest
rate of the loan is 2 %. Make an amortization table.

Amount of loan 180,000 €

Annual interest rate 2%
Payments in a year 12
Loan term (in years) 20
Relative interest rate 0.167 % =B4/B5
Number of payments 240 =B5*B6
Equal payment 910.59 € =PMT(B7;B8;-B3)

Remainder of loan
Number of payment before the payment Interest Amortization Payment
1 180,000.00 € 300.00 € 610.59 € 910.59 €
2 179,389.41 € 298.98 € 611.61 € 910.59 €
3 178,777.80 € 297.96 € 612.63 € 910.59 €
4 178,165.18 € 296.94 € 613.65 € 910.59 €
5 177,551.53 € 295.92 € 614.67 € 910.59 €
6 176,936.86 € 294.89 € 615.70 € 910.59 €
7 176,321.16 € 293.87 € 616.72 € 910.59 €
8 175,704.44 € 292.84 € 617.75 € 910.59 €
9 175,086.69 € 291.81 € 618.78 € 910.59 €
10 174,467.91 € 290.78 € 619.81 € 910.59 €
11 173,848.10 € 289.75 € 620.84 € 910.59 €
12 173,227.26 € 288.71 € 621.88 € 910.59 €
13 172,605.38 € 287.68 € 622.91 € 910.59 €
14 171,982.47 € 286.64 € 623.95 € 910.59 €
15 171,358.51 € 285.60 € 624.99 € 910.59 €
16 170,733.52 € 284.56 € 626.03 € 910.59 €
17 170,107.49 € 283.51 € 627.08 € 910.59 €
18 169,480.41 € 282.47 € 628.12 € 910.59 €
19 168,852.29 € 281.42 € 629.17 € 910.59 €
20 168,223.12 € 280.37 € 630.22 € 910.59 €
21 167,592.90 € 279.32 € 631.27 € 910.59 €
22 166,961.63 € 278.27 € 632.32 € 910.59 €
23 166,329.31 € 277.22 € 633.37 € 910.59 €
24 165,695.94 € 276.16 € 634.43 € 910.59 €
25 165,061.51 € 275.10 € 635.49 € 910.59 €
26 164,426.02 € 274.04 € 636.55 € 910.59 €
27 163,789.47 € 272.98 € 637.61 € 910.59 €
28 163,151.86 € 271.92 € 638.67 € 910.59 €
29 162,513.19 € 270.86 € 639.73 € 910.59 €
30 161,873.46 € 269.79 € 640.80 € 910.59 €
31 161,232.66 € 268.72 € 641.87 € 910.59 €
32 160,590.79 € 267.65 € 642.94 € 910.59 €
33 159,947.85 € 266.58 € 644.01 € 910.59 €
34 159,303.84 € 265.51 € 645.08 € 910.59 €
35 158,658.76 € 264.43 € 646.16 € 910.59 €
36 158,012.60 € 263.35 € 647.24 € 910.59 €
37 157,365.36 € 262.28 € 648.31 € 910.59 €
38 156,717.05 € 261.20 € 649.39 € 910.59 €
39 156,067.65 € 260.11 € 650.48 € 910.59 €
40 155,417.18 € 259.03 € 651.56 € 910.59 €
41 154,765.61 € 257.94 € 652.65 € 910.59 €
42 154,112.97 € 256.85 € 653.74 € 910.59 €
43 153,459.23 € 255.77 € 654.82 € 910.59 €
44 152,804.41 € 254.67 € 655.92 € 910.59 €
45 152,148.49 € 253.58 € 657.01 € 910.59 €
46 151,491.48 € 252.49 € 658.10 € 910.59 €
47 150,833.38 € 251.39 € 659.20 € 910.59 €
48 150,174.18 € 250.29 € 660.30 € 910.59 €
49 149,513.88 € 249.19 € 661.40 € 910.59 €
50 148,852.48 € 248.09 € 662.50 € 910.59 €
51 148,189.97 € 246.98 € 663.61 € 910.59 €
52 147,526.37 € 245.88 € 664.71 € 910.59 €
53 146,861.65 € 244.77 € 665.82 € 910.59 €
54 146,195.83 € 243.66 € 666.93 € 910.59 €
55 145,528.90 € 242.55 € 668.04 € 910.59 €
56 144,860.86 € 241.43 € 669.16 € 910.59 €
57 144,191.71 € 240.32 € 670.27 € 910.59 €
58 143,521.44 € 239.20 € 671.39 € 910.59 €
59 142,850.05 € 238.08 € 672.51 € 910.59 €
60 142,177.54 € 236.96 € 673.63 € 910.59 €
61 141,503.91 € 235.84 € 674.75 € 910.59 €
62 140,829.16 € 234.72 € 675.87 € 910.59 €
63 140,153.29 € 233.59 € 677.00 € 910.59 €
64 139,476.29 € 232.46 € 678.13 € 910.59 €
65 138,798.16 € 231.33 € 679.26 € 910.59 €
66 138,118.90 € 230.20 € 680.39 € 910.59 €
67 137,438.51 € 229.06 € 681.53 € 910.59 €
68 136,756.98 € 227.93 € 682.66 € 910.59 €
69 136,074.32 € 226.79 € 683.80 € 910.59 €
70 135,390.52 € 225.65 € 684.94 € 910.59 €
71 134,705.58 € 224.51 € 686.08 € 910.59 €
72 134,019.50 € 223.37 € 687.22 € 910.59 €
73 133,332.28 € 222.22 € 688.37 € 910.59 €
74 132,643.91 € 221.07 € 689.52 € 910.59 €
75 131,954.39 € 219.92 € 690.67 € 910.59 €
76 131,263.72 € 218.77 € 691.82 € 910.59 €
77 130,571.91 € 217.62 € 692.97 € 910.59 €
78 129,878.94 € 216.46 € 694.13 € 910.59 €
79 129,184.81 € 215.31 € 695.28 € 910.59 €
80 128,489.53 € 214.15 € 696.44 € 910.59 €
81 127,793.09 € 212.99 € 697.60 € 910.59 €
82 127,095.49 € 211.83 € 698.76 € 910.59 €
83 126,396.72 € 210.66 € 699.93 € 910.59 €
84 125,696.79 € 209.49 € 701.10 € 910.59 €
85 124,995.70 € 208.33 € 702.26 € 910.59 €
86 124,293.44 € 207.16 € 703.43 € 910.59 €
87 123,590.00 € 205.98 € 704.61 € 910.59 €
88 122,885.39 € 204.81 € 705.78 € 910.59 €
89 122,179.61 € 203.63 € 706.96 € 910.59 €
90 121,472.66 € 202.45 € 708.14 € 910.59 €
91 120,764.52 € 201.27 € 709.32 € 910.59 €
92 120,055.20 € 200.09 € 710.50 € 910.59 €
93 119,344.71 € 198.91 € 711.68 € 910.59 €
94 118,633.02 € 197.72 € 712.87 € 910.59 €
95 117,920.16 € 196.53 € 714.06 € 910.59 €
96 117,206.10 € 195.34 € 715.25 € 910.59 €
97 116,490.85 € 194.15 € 716.44 € 910.59 €
98 115,774.41 € 192.96 € 717.63 € 910.59 €
99 115,056.78 € 191.76 € 718.83 € 910.59 €
100 114,337.95 € 190.56 € 720.03 € 910.59 €
101 113,617.93 € 189.36 € 721.23 € 910.59 €
102 112,896.70 € 188.16 € 722.43 € 910.59 €
103 112,174.27 € 186.96 € 723.63 € 910.59 €
104 111,450.64 € 185.75 € 724.84 € 910.59 €
105 110,725.80 € 184.54 € 726.05 € 910.59 €
106 109,999.75 € 183.33 € 727.26 € 910.59 €
107 109,272.50 € 182.12 € 728.47 € 910.59 €
108 108,544.03 € 180.91 € 729.68 € 910.59 €
109 107,814.34 € 179.69 € 730.90 € 910.59 €
110 107,083.44 € 178.47 € 732.12 € 910.59 €
111 106,351.33 € 177.25 € 733.34 € 910.59 €
112 105,617.99 € 176.03 € 734.56 € 910.59 €
113 104,883.43 € 174.81 € 735.78 € 910.59 €
114 104,147.64 € 173.58 € 737.01 € 910.59 €
115 103,410.63 € 172.35 € 738.24 € 910.59 €
116 102,672.39 € 171.12 € 739.47 € 910.59 €
117 101,932.92 € 169.89 € 740.70 € 910.59 €
118 101,192.22 € 168.65 € 741.94 € 910.59 €
119 100,450.29 € 167.42 € 743.17 € 910.59 €
120 99,707.11 € 166.18 € 744.41 € 910.59 €
121 98,962.70 € 164.94 € 745.65 € 910.59 €
122 98,217.05 € 163.70 € 746.89 € 910.59 €
123 97,470.16 € 162.45 € 748.14 € 910.59 €
124 96,722.02 € 161.20 € 749.39 € 910.59 €
125 95,972.63 € 159.95 € 750.64 € 910.59 €
126 95,221.99 € 158.70 € 751.89 € 910.59 €
127 94,470.11 € 157.45 € 753.14 € 910.59 €
128 93,716.97 € 156.19 € 754.40 € 910.59 €
129 92,962.57 € 154.94 € 755.65 € 910.59 €
130 92,206.92 € 153.68 € 756.91 € 910.59 €
131 91,450.01 € 152.42 € 758.17 € 910.59 €
132 90,691.83 € 151.15 € 759.44 € 910.59 €
133 89,932.40 € 149.89 € 760.70 € 910.59 €
134 89,171.69 € 148.62 € 761.97 € 910.59 €
135 88,409.72 € 147.35 € 763.24 € 910.59 €
136 87,646.48 € 146.08 € 764.51 € 910.59 €
137 86,881.97 € 144.80 € 765.79 € 910.59 €
138 86,116.18 € 143.53 € 767.06 € 910.59 €
139 85,349.12 € 142.25 € 768.34 € 910.59 €
140 84,580.78 € 140.97 € 769.62 € 910.59 €
141 83,811.16 € 139.69 € 770.90 € 910.59 €
142 83,040.25 € 138.40 € 772.19 € 910.59 €
143 82,268.06 € 137.11 € 773.48 € 910.59 €
144 81,494.59 € 135.82 € 774.77 € 910.59 €
145 80,719.82 € 134.53 € 776.06 € 910.59 €
146 79,943.76 € 133.24 € 777.35 € 910.59 €
147 79,166.41 € 131.94 € 778.65 € 910.59 €
148 78,387.77 € 130.65 € 779.94 € 910.59 €
149 77,607.82 € 129.35 € 781.24 € 910.59 €
150 76,826.58 € 128.04 € 782.55 € 910.59 €
151 76,044.03 € 126.74 € 783.85 € 910.59 €
152 75,260.18 € 125.43 € 785.16 € 910.59 €
153 74,475.03 € 124.13 € 786.46 € 910.59 €
154 73,688.56 € 122.81 € 787.78 € 910.59 €
155 72,900.79 € 121.50 € 789.09 € 910.59 €
156 72,111.70 € 120.19 € 790.40 € 910.59 €
157 71,321.30 € 118.87 € 791.72 € 910.59 €
158 70,529.57 € 117.55 € 793.04 € 910.59 €
159 69,736.53 € 116.23 € 794.36 € 910.59 €
160 68,942.17 € 114.90 € 795.69 € 910.59 €
161 68,146.48 € 113.58 € 797.01 € 910.59 €
162 67,349.47 € 112.25 € 798.34 € 910.59 €
163 66,551.13 € 110.92 € 799.67 € 910.59 €
164 65,751.46 € 109.59 € 801.00 € 910.59 €
165 64,950.46 € 108.25 € 802.34 € 910.59 €
166 64,148.12 € 106.91 € 803.68 € 910.59 €
167 63,344.44 € 105.57 € 805.02 € 910.59 €
168 62,539.42 € 104.23 € 806.36 € 910.59 €
169 61,733.07 € 102.89 € 807.70 € 910.59 €
170 60,925.36 € 101.54 € 809.05 € 910.59 €
171 60,116.32 € 100.19 € 810.40 € 910.59 €
172 59,305.92 € 98.84 € 811.75 € 910.59 €
173 58,494.17 € 97.49 € 813.10 € 910.59 €
174 57,681.07 € 96.14 € 814.45 € 910.59 €
175 56,866.62 € 94.78 € 815.81 € 910.59 €
176 56,050.81 € 93.42 € 817.17 € 910.59 €
177 55,233.63 € 92.06 € 818.53 € 910.59 €
178 54,415.10 € 90.69 € 819.90 € 910.59 €
179 53,595.20 € 89.33 € 821.26 € 910.59 €
180 52,773.94 € 87.96 € 822.63 € 910.59 €
181 51,951.30 € 86.59 € 824.00 € 910.59 €
182 51,127.30 € 85.21 € 825.38 € 910.59 €
183 50,301.92 € 83.84 € 826.75 € 910.59 €
184 49,475.17 € 82.46 € 828.13 € 910.59 €
185 48,647.04 € 81.08 € 829.51 € 910.59 €
186 47,817.53 € 79.70 € 830.89 € 910.59 €
187 46,986.63 € 78.31 € 832.28 € 910.59 €
188 46,154.35 € 76.92 € 833.67 € 910.59 €
189 45,320.69 € 75.53 € 835.06 € 910.59 €
190 44,485.63 € 74.14 € 836.45 € 910.59 €
191 43,649.18 € 72.75 € 837.84 € 910.59 €
192 42,811.34 € 71.35 € 839.24 € 910.59 €
193 41,972.10 € 69.95 € 840.64 € 910.59 €
194 41,131.47 € 68.55 € 842.04 € 910.59 €
195 40,289.43 € 67.15 € 843.44 € 910.59 €
196 39,445.99 € 65.74 € 844.85 € 910.59 €
197 38,601.14 € 64.34 € 846.25 € 910.59 €
198 37,754.89 € 62.92 € 847.67 € 910.59 €
199 36,907.22 € 61.51 € 849.08 € 910.59 €
200 36,058.15 € 60.10 € 850.49 € 910.59 €
201 35,207.65 € 58.68 € 851.91 € 910.59 €
202 34,355.74 € 57.26 € 853.33 € 910.59 €
203 33,502.41 € 55.84 € 854.75 € 910.59 €
204 32,647.66 € 54.41 € 856.18 € 910.59 €
205 31,791.48 € 52.99 € 857.60 € 910.59 €
206 30,933.88 € 51.56 € 859.03 € 910.59 €
207 30,074.84 € 50.12 € 860.47 € 910.59 €
208 29,214.38 € 48.69 € 861.90 € 910.59 €
209 28,352.48 € 47.25 € 863.34 € 910.59 €
210 27,489.14 € 45.82 € 864.77 € 910.59 €
211 26,624.37 € 44.37 € 866.22 € 910.59 €
212 25,758.15 € 42.93 € 867.66 € 910.59 €
213 24,890.49 € 41.48 € 869.11 € 910.59 €
214 24,021.39 € 40.04 € 870.55 € 910.59 €
215 23,150.83 € 38.58 € 872.01 € 910.59 €
216 22,278.83 € 37.13 € 873.46 € 910.59 €
217 21,405.37 € 35.68 € 874.91 € 910.59 €
218 20,530.45 € 34.22 € 876.37 € 910.59 €
219 19,654.08 € 32.76 € 877.83 € 910.59 €
220 18,776.25 € 31.29 € 879.30 € 910.59 €
221 17,896.95 € 29.83 € 880.76 € 910.59 €
222 17,016.19 € 28.36 € 882.23 € 910.59 €
223 16,133.96 € 26.89 € 883.70 € 910.59 €
224 15,250.26 € 25.42 € 885.17 € 910.59 €
225 14,365.09 € 23.94 € 886.65 € 910.59 €
226 13,478.44 € 22.46 € 888.13 € 910.59 €
227 12,590.31 € 20.98 € 889.61 € 910.59 €
228 11,700.71 € 19.50 € 891.09 € 910.59 €
229 10,809.62 € 18.02 € 892.57 € 910.59 €
230 9,917.04 € 16.53 € 894.06 € 910.59 €
231 9,022.98 € 15.04 € 895.55 € 910.59 €
232 8,127.43 € 13.55 € 897.04 € 910.59 €
233 7,230.39 € 12.05 € 898.54 € 910.59 €
234 6,331.85 € 10.55 € 900.04 € 910.59 €
235 5,431.81 € 9.05 € 901.54 € 910.59 €
236 4,530.27 € 7.55 € 903.04 € 910.59 €
237 3,627.23 € 6.05 € 904.54 € 910.59 €
238 2,722.69 € 4.54 € 906.05 € 910.59 €
239 1,816.64 € 3.03 € 907.56 € 910.59 €
240 909.07 € 1.52 € 909.07 € 910.59 €
payments. The interest
Calculate the sum of interests during the whole loan term if John takes an equal payment loan of 180 000 € for
20 years with monthly payments. The interest rate of the loan is 2 %.

Amount of loan 180,000.00 €

Annual interest rate 2%
Payments in a year 12
Loan term (in years) 20
Relative interest rate 0.167 %
Number of payments 240
Equal payment 910.59 € =PMT(B7;B8;-B3)

Sum of payments 218,541.60 € =B8*B9

Amount of loan 180,000.00 € =B3
Sum of interests 38,541.60 € =B11-B12
ment loan of 180 000 € for
John cannot afford to pay over 900 €/month (as the result is in E1). How much loan can he get if he
wants the equal payment to be 750 €/month and bank gives maximum of 20 years at 2 % interest
rate?

Equal payment 750.00 €

Annual interest rate 2%
Payments in a year 12
Loan term (in years) 20
Relative interest rate 0.1667 %
Number of payments 240
Amount of loan 148,255.53 € =PV(B7;B8;-B3)
much loan can he get if he
20 years at 2 % interest
John would need to have a loan of 165 000 € but he wants to have the monthly payment to be 750
€/month. How long it would take to pay this loan back with 2 % interest rate?

Equal payment 750.00 €

Amount of loan 165,000.00 €
Payments in a year 12
Interest rate 2%
Relative interest rate 0.167 %
Number of payments 274.2833573128 =NPER(B7;B3;-B4)
Rounded number of pmts 275 =ROUNDUP(B8;0)

Loan term:
Years 22 =QUOTIENT(B9;B5)
Months 11 =MOD(B9;12)
Finally John agrees with the bank that he gets an equal payment loan of 165 000 € for 22 years with monthly
payments. The interest rate of the loan is Euribor 6 month rate + 1.2 %-points. The Euribor rate in the
beginning is 0.5 %.
Calculate John's equal payment and the sum of interest during the whole loan time.
Make first 7 rows to the amortization table.

Amount of loan 165,000.00 €

Annual interest rate 1.7 %
Payments in a year 12
Loan term (in years) 22
Relative interest rate 0.142 %
Number of payments 264
Equal payment 749.58 € =PMT(B7;B8;-B3)

Sum of interest

Sum of payments 197,889.32 € =B9*B8

Amount of loan 165,000.00 € =B3
Sum of interests 32,889.32 € =B13-B14

Amortization table

Remainder of loan
Number of payment before payment Interest Amortization Payment
1 165,000.00 € 233.75 € 515.83 € 749.58 €
2 164,484.17 € 233.02 € 516.56 € 749.58 €
3 163,967.61 € 232.29 € 517.29 € 749.58 €
4 163,450.31 € 231.55 € 518.03 € 749.58 €
5 162,932.29 € 230.82 € 518.76 € 749.58 €
6 162,413.53 € 230.09 € 519.49 € 749.58 €
7 161,894.03 € 229.35 € 520.23 € 749.58 €
8 161,373.80 € 228.61 € 520.97 € 749.58 €
9 160,852.83 € 227.87 € 521.71 € 749.58 €
10 160,331.13 € 227.14 € 522.44 € 749.58 €
11 159,808.68 € 226.40 € 523.19 € 749.58 €
12 159,285.50 € 225.65 € 523.93 € 749.58 €
13 158,761.57 € 224.91 € 524.67 € 749.58 €
14 158,236.90 € 224.17 € 525.41 € 749.58 €
15 157,711.49 € 223.42 € 526.16 € 749.58 €
16 157,185.34 € 222.68 € 526.90 € 749.58 €
17 156,658.43 € 221.93 € 527.65 € 749.58 €
18 156,130.79 € 221.19 € 528.40 € 749.58 €
19 155,602.39 € 220.44 € 529.14 € 749.58 €
20 155,073.25 € 219.69 € 529.89 € 749.58 €
21 154,543.35 € 218.94 € 530.64 € 749.58 €
22 154,012.71 € 218.18 € 531.40 € 749.58 €
23 153,481.31 € 217.43 € 532.15 € 749.58 €
24 152,949.16 € 216.68 € 532.90 € 749.58 €
25 152,416.26 € 215.92 € 533.66 € 749.58 €
26 151,882.60 € 215.17 € 534.41 € 749.58 €
27 151,348.19 € 214.41 € 535.17 € 749.58 €
28 150,813.02 € 213.65 € 535.93 € 749.58 €
29 150,277.09 € 212.89 € 536.69 € 749.58 €
30 149,740.40 € 212.13 € 537.45 € 749.58 €
31 149,202.95 € 211.37 € 538.21 € 749.58 €
32 148,664.74 € 210.61 € 538.97 € 749.58 €
33 148,125.77 € 209.84 € 539.74 € 749.58 €
34 147,586.03 € 209.08 € 540.50 € 749.58 €
35 147,045.53 € 208.31 € 541.27 € 749.58 €
36 146,504.27 € 207.55 € 542.03 € 749.58 €
37 145,962.23 € 206.78 € 542.80 € 749.58 €
38 145,419.43 € 206.01 € 543.57 € 749.58 €
39 144,875.86 € 205.24 € 544.34 € 749.58 €
40 144,331.52 € 204.47 € 545.11 € 749.58 €
41 143,786.41 € 203.70 € 545.88 € 749.58 €
42 143,240.53 € 202.92 € 546.66 € 749.58 €
43 142,693.87 € 202.15 € 547.43 € 749.58 €
44 142,146.44 € 201.37 € 548.21 € 749.58 €
45 141,598.23 € 200.60 € 548.98 € 749.58 €
46 141,049.25 € 199.82 € 549.76 € 749.58 €
47 140,499.49 € 199.04 € 550.54 € 749.58 €
48 139,948.95 € 198.26 € 551.32 € 749.58 €
49 139,397.63 € 197.48 € 552.10 € 749.58 €
50 138,845.53 € 196.70 € 552.88 € 749.58 €
51 138,292.65 € 195.91 € 553.67 € 749.58 €
52 137,738.98 € 195.13 € 554.45 € 749.58 €
53 137,184.53 € 194.34 € 555.24 € 749.58 €
54 136,629.29 € 193.56 € 556.02 € 749.58 €
55 136,073.27 € 192.77 € 556.81 € 749.58 €
56 135,516.46 € 191.98 € 557.60 € 749.58 €
57 134,958.86 € 191.19 € 558.39 € 749.58 €
58 134,400.47 € 190.40 € 559.18 € 749.58 €
59 133,841.29 € 189.61 € 559.97 € 749.58 €
60 133,281.32 € 188.82 € 560.77 € 749.58 €
61 132,720.56 € 188.02 € 561.56 € 749.58 €
62 132,159.00 € 187.23 € 562.36 € 749.58 €
63 131,596.64 € 186.43 € 563.15 € 749.58 €
64 131,033.49 € 185.63 € 563.95 € 749.58 €
65 130,469.54 € 184.83 € 564.75 € 749.58 €
66 129,904.79 € 184.03 € 565.55 € 749.58 €
67 129,339.24 € 183.23 € 566.35 € 749.58 €
68 128,772.89 € 182.43 € 567.15 € 749.58 €
69 128,205.74 € 181.62 € 567.96 € 749.58 €
70 127,637.78 € 180.82 € 568.76 € 749.58 €
71 127,069.02 € 180.01 € 569.57 € 749.58 €
 72 126,499.45 € 179.21 € 570.37 € 749.58 €
73 125,929.08 € 178.40 € 571.18 € 749.58 €
74 125,357.90 € 177.59 € 571.99 € 749.58 €
75 124,785.91 € 176.78 € 572.80 € 749.58 €
76 124,213.11 € 175.97 € 573.61 € 749.58 €
77 123,639.50 € 175.16 € 574.42 € 749.58 €
78 123,065.07 € 174.34 € 575.24 € 749.58 €
79 122,489.83 € 173.53 € 576.05 € 749.58 €
80 121,913.78 € 172.71 € 576.87 € 749.58 €
81 121,336.91 € 171.89 € 577.69 € 749.58 €
82 120,759.22 € 171.08 € 578.51 € 749.58 €
83 120,180.72 € 170.26 € 579.32 € 749.58 €
84 119,601.39 € 169.44 € 580.15 € 749.58 €
85 119,021.25 € 168.61 € 580.97 € 749.58 €
86 118,440.28 € 167.79 € 581.79 € 749.58 €
87 117,858.49 € 166.97 € 582.61 € 749.58 €
88 117,275.88 € 166.14 € 583.44 € 749.58 €
89 116,692.44 € 165.31 € 584.27 € 749.58 €
90 116,108.17 € 164.49 € 585.09 € 749.58 €
91 115,523.08 € 163.66 € 585.92 € 749.58 €
92 114,937.15 € 162.83 € 586.75 € 749.58 €
93 114,350.40 € 162.00 € 587.58 € 749.58 €
94 113,762.81 € 161.16 € 588.42 € 749.58 €
95 113,174.40 € 160.33 € 589.25 € 749.58 €
96 112,585.15 € 159.50 € 590.09 € 749.58 €
97 111,995.06 € 158.66 € 590.92 € 749.58 €
98 111,404.14 € 157.82 € 591.76 € 749.58 €
99 110,812.38 € 156.98 € 592.60 € 749.58 €
100 110,219.79 € 156.14 € 593.44 € 749.58 €
101 109,626.35 € 155.30 € 594.28 € 749.58 €
102 109,032.07 € 154.46 € 595.12 € 749.58 €
103 108,436.96 € 153.62 € 595.96 € 749.58 €
104 107,840.99 € 152.77 € 596.81 € 749.58 €
105 107,244.19 € 151.93 € 597.65 € 749.58 €
106 106,646.54 € 151.08 € 598.50 € 749.58 €
107 106,048.04 € 150.23 € 599.35 € 749.58 €
108 105,448.69 € 149.39 € 600.20 € 749.58 €
109 104,848.50 € 148.54 € 601.05 € 749.58 €
110 104,247.45 € 147.68 € 601.90 € 749.58 €
111 103,645.55 € 146.83 € 602.75 € 749.58 €
112 103,042.80 € 145.98 € 603.60 € 749.58 €
113 102,439.20 € 145.12 € 604.46 € 749.58 €
114 101,834.74 € 144.27 € 605.31 € 749.58 €
115 101,229.43 € 143.41 € 606.17 € 749.58 €
116 100,623.26 € 142.55 € 607.03 € 749.58 €
117 100,016.22 € 141.69 € 607.89 € 749.58 €
118 99,408.33 € 140.83 € 608.75 € 749.58 €
119 98,799.58 € 139.97 € 609.61 € 749.58 €
120 98,189.97 € 139.10 € 610.48 € 749.58 €
121 97,579.49 € 138.24 € 611.34 € 749.58 €
122 96,968.14 € 137.37 € 612.21 € 749.58 €
123 96,355.94 € 136.50 € 613.08 € 749.58 €
124 95,742.86 € 135.64 € 613.95 € 749.58 €
125 95,128.91 € 134.77 € 614.81 € 749.58 €
126 94,514.10 € 133.89 € 615.69 € 749.58 €
127 93,898.41 € 133.02 € 616.56 € 749.58 €
128 93,281.86 € 132.15 € 617.43 € 749.58 €
129 92,664.42 € 131.27 € 618.31 € 749.58 €
130 92,046.12 € 130.40 € 619.18 € 749.58 €
131 91,426.94 € 129.52 € 620.06 € 749.58 €
132 90,806.88 € 128.64 € 620.94 € 749.58 €
133 90,185.94 € 127.76 € 621.82 € 749.58 €
134 89,564.12 € 126.88 € 622.70 € 749.58 €
135 88,941.42 € 126.00 € 623.58 € 749.58 €
136 88,317.84 € 125.12 € 624.46 € 749.58 €
137 87,693.38 € 124.23 € 625.35 € 749.58 €
138 87,068.03 € 123.35 € 626.23 € 749.58 €
139 86,441.80 € 122.46 € 627.12 € 749.58 €
140 85,814.67 € 121.57 € 628.01 € 749.58 €
141 85,186.66 € 120.68 € 628.90 € 749.58 €
142 84,557.76 € 119.79 € 629.79 € 749.58 €
143 83,927.97 € 118.90 € 630.68 € 749.58 €
144 83,297.29 € 118.00 € 631.58 € 749.58 €
145 82,665.71 € 117.11 € 632.47 € 749.58 €
146 82,033.24 € 116.21 € 633.37 € 749.58 €
147 81,399.88 € 115.32 € 634.26 € 749.58 €
148 80,765.61 € 114.42 € 635.16 € 749.58 €
149 80,130.45 € 113.52 € 636.06 € 749.58 €
150 79,494.39 € 112.62 € 636.96 € 749.58 €
151 78,857.42 € 111.71 € 637.87 € 749.58 €
152 78,219.56 € 110.81 € 638.77 € 749.58 €
153 77,580.79 € 109.91 € 639.67 € 749.58 €
154 76,941.11 € 109.00 € 640.58 € 749.58 €
155 76,300.53 € 108.09 € 641.49 € 749.58 €
156 75,659.04 € 107.18 € 642.40 € 749.58 €
157 75,016.65 € 106.27 € 643.31 € 749.58 €
158 74,373.34 € 105.36 € 644.22 € 749.58 €
159 73,729.12 € 104.45 € 645.13 € 749.58 €
160 73,083.99 € 103.54 € 646.05 € 749.58 €
161 72,437.94 € 102.62 € 646.96 € 749.58 €
162 71,790.98 € 101.70 € 647.88 € 749.58 €
163 71,143.11 € 100.79 € 648.79 € 749.58 €
164 70,494.31 € 99.87 € 649.71 € 749.58 €
165 69,844.60 € 98.95 € 650.63 € 749.58 €
166 69,193.96 € 98.02 € 651.56 € 749.58 €
167 68,542.41 € 97.10 € 652.48 € 749.58 €
168 67,889.93 € 96.18 € 653.40 € 749.58 €
169 67,236.53 € 95.25 € 654.33 € 749.58 €
170 66,582.20 € 94.32 € 655.26 € 749.58 €
171 65,926.94 € 93.40 € 656.18 € 749.58 €
172 65,270.76 € 92.47 € 657.11 € 749.58 €
173 64,613.64 € 91.54 € 658.04 € 749.58 €
174 63,955.60 € 90.60 € 658.98 € 749.58 €
175 63,296.62 € 89.67 € 659.91 € 749.58 €
176 62,636.71 € 88.74 € 660.85 € 749.58 €
177 61,975.87 € 87.80 € 661.78 € 749.58 €
178 61,314.08 € 86.86 € 662.72 € 749.58 €
179 60,651.36 € 85.92 € 663.66 € 749.58 €
180 59,987.71 € 84.98 € 664.60 € 749.58 €
181 59,323.11 € 84.04 € 665.54 € 749.58 €
182 58,657.57 € 83.10 € 666.48 € 749.58 €
183 57,991.09 € 82.15 € 667.43 € 749.58 €
184 57,323.66 € 81.21 € 668.37 € 749.58 €
185 56,655.29 € 80.26 € 669.32 € 749.58 €
186 55,985.97 € 79.31 € 670.27 € 749.58 €
187 55,315.70 € 78.36 € 671.22 € 749.58 €
188 54,644.48 € 77.41 € 672.17 € 749.58 €
189 53,972.32 € 76.46 € 673.12 € 749.58 €
190 53,299.20 € 75.51 € 674.07 € 749.58 €
191 52,625.12 € 74.55 € 675.03 € 749.58 €
192 51,950.09 € 73.60 € 675.98 € 749.58 €
193 51,274.11 € 72.64 € 676.94 € 749.58 €
194 50,597.17 € 71.68 € 677.90 € 749.58 €
195 49,919.27 € 70.72 € 678.86 € 749.58 €
196 49,240.40 € 69.76 € 679.82 € 749.58 €
197 48,560.58 € 68.79 € 680.79 € 749.58 €
198 47,879.79 € 67.83 € 681.75 € 749.58 €
199 47,198.04 € 66.86 € 682.72 € 749.58 €
200 46,515.33 € 65.90 € 683.68 € 749.58 €
201 45,831.64 € 64.93 € 684.65 € 749.58 €
202 45,146.99 € 63.96 € 685.62 € 749.58 €
203 44,461.37 € 62.99 € 686.59 € 749.58 €
204 43,774.77 € 62.01 € 687.57 € 749.58 €
205 43,087.21 € 61.04 € 688.54 € 749.58 €
206 42,398.67 € 60.06 € 689.52 € 749.58 €
207 41,709.15 € 59.09 € 690.49 € 749.58 €
208 41,018.66 € 58.11 € 691.47 € 749.58 €
209 40,327.19 € 57.13 € 692.45 € 749.58 €
210 39,634.74 € 56.15 € 693.43 € 749.58 €
211 38,941.30 € 55.17 € 694.41 € 749.58 €
212 38,246.89 € 54.18 € 695.40 € 749.58 €
213 37,551.49 € 53.20 € 696.38 € 749.58 €
214 36,855.11 € 52.21 € 697.37 € 749.58 €
215 36,157.74 € 51.22 € 698.36 € 749.58 €
216 35,459.38 € 50.23 € 699.35 € 749.58 €
217 34,760.04 € 49.24 € 700.34 € 749.58 €
218 34,059.70 € 48.25 € 701.33 € 749.58 €
219 33,358.37 € 47.26 € 702.32 € 749.58 €
220 32,656.05 € 46.26 € 703.32 € 749.58 €
221 31,952.73 € 45.27 € 704.31 € 749.58 €
222 31,248.41 € 44.27 € 705.31 € 749.58 €
223 30,543.10 € 43.27 € 706.31 € 749.58 €
224 29,836.79 € 42.27 € 707.31 € 749.58 €
225 29,129.48 € 41.27 € 708.31 € 749.58 €
226 28,421.16 € 40.26 € 709.32 € 749.58 €
227 27,711.85 € 39.26 € 710.32 € 749.58 €
228 27,001.52 € 38.25 € 711.33 € 749.58 €
229 26,290.20 € 37.24 € 712.34 € 749.58 €
230 25,577.86 € 36.24 € 713.35 € 749.58 €
231 24,864.51 € 35.22 € 714.36 € 749.58 €
232 24,150.16 € 34.21 € 715.37 € 749.58 €
233 23,434.79 € 33.20 € 716.38 € 749.58 €
234 22,718.41 € 32.18 € 717.40 € 749.58 €
235 22,001.01 € 31.17 € 718.41 € 749.58 €
236 21,282.60 € 30.15 € 719.43 € 749.58 €
237 20,563.17 € 29.13 € 720.45 € 749.58 €
238 19,842.72 € 28.11 € 721.47 € 749.58 €
239 19,121.25 € 27.09 € 722.49 € 749.58 €
240 18,398.76 € 26.06 € 723.52 € 749.58 €
241 17,675.24 € 25.04 € 724.54 € 749.58 €
242 16,950.70 € 24.01 € 725.57 € 749.58 €
243 16,225.13 € 22.99 € 726.60 € 749.58 €
244 15,498.54 € 21.96 € 727.62 € 749.58 €
245 14,770.91 € 20.93 € 728.66 € 749.58 €
246 14,042.26 € 19.89 € 729.69 € 749.58 €
247 13,312.57 € 18.86 € 730.72 € 749.58 €
248 12,581.85 € 17.82 € 731.76 € 749.58 €
249 11,850.09 € 16.79 € 732.79 € 749.58 €
250 11,117.30 € 15.75 € 733.83 € 749.58 €
251 10,383.47 € 14.71 € 734.87 € 749.58 €
252 9,648.60 € 13.67 € 735.91 € 749.58 €
253 8,912.69 € 12.63 € 736.95 € 749.58 €
254 8,175.73 € 11.58 € 738.00 € 749.58 €
255 7,437.73 € 10.54 € 739.04 € 749.58 €
256 6,698.69 € 9.49 € 740.09 € 749.58 €
257 5,958.60 € 8.44 € 741.14 € 749.58 €
258 5,217.46 € 7.39 € 742.19 € 749.58 €
259 4,475.27 € 6.34 € 743.24 € 749.58 €
260 3,732.03 € 5.29 € 744.29 € 749.58 €
261 2,987.73 € 4.23 € 745.35 € 749.58 €
262 2,242.39 € 3.18 € 746.40 € 749.58 €
263 1,495.98 € 2.12 € 747.46 € 749.58 €
264 748.52 € 1.06 € 748.52 € 749.58 €
for 22 years with monthly
Euribor rate in the
John has taken an annuity loan of 165 000 € for 22 years with monthly payments. The interest rate of the loan
is Euribor 6 month rate + 1.2 %-points. In the beginning the Euribor rate is 0.5 %. After the first 6 months the
Euribor rate increases to 1 %. Calculate the new equal payment after the change in the rate.

Original equal payment

Amount of loan 165,000.00 €

Annual interest rate 1.7 %
Payments in a year 12
Loan term (in years) 22
Relative interest rate 0.142 %
Number of payments 264
Original equal payment 749.58 € =PMT(B9;B10;-B5)

Remainder of loan

Number of payments made already 6

Unpaid payments 258 =B10-B15
Remainder of loan 161,894.03 € =PV(B9;B16;-B11)

Change in interest rate

New annual interest rate 2.20% =1,2%+1%

New relative interest rate 0.1833 % =B21/B7
New equal payment 788.12 € =PMT(B22;B16;-B17)
e interest rate of the loan
er the first 6 months the
he rate.
John has taken a fixed equal payment loan of 165 000 € for 22 years with monthly payments. The interest rate o
Euribor 6 month rate + 1.2 %-points. In the beginning the Euribor rate is 0.5 %. After the first 6 months the Eurib
increases to 1 %. How much will the loan term change due to the change in the interest rate?

Original equal payment

Amount of loan 165,000.00 €

Annual interest rate 1.7 %
Payments in a year 12
Loan term (in years) 22
Relative interest rate 0.142 %
Number of payments 264
Original equal payment 749.58 € =PMT(B9;B10;-B5)

Remainder of loan

Number of payments made already 6

Unpaid payments 258 =B10-B15
Remainder of loan 161,894.03 € =PV(B9;B16;-B11)

Change in interest rate

New annual interest rate 2.20% =1,2%+1%

New relative interest rate 0.1833 % =B21/B7
New number of payments 275.225804746831 =NPER(B22;B11;-B17)
Rounded number of pmts 276 =ROUNDUP(B23;0)

How much longer will it take to pay back the loan? 18 months longer
=B24-B16
payments. The interest rate of the loan is
r the first 6 months the Euribor rate
rest rate?
A young couple goes to a bank to negotiate about a loan for their first apartment. The bank has agreed to
give them a loan of 150 000 €. Bank offers an annuity loan at 1.68 % annual interest rate. What will be
the length of the loan term if the couple can afford 800 €/month for the equal payment.

Equal payment 800.00 €

Amount of loan 150,000.00 €
Payments in a year 12
Interest rate 1.68%
Relative interest rate 0.140 %
Number of payments 217.6444882166 =NPER(B7;B3;-B4)
Rounded number of pmts 218 =ROUNDUP(B8;0)

Loan term:
Years 18 =QUOTIENT(B9;B5)
Months 2 =MOD(B9;B5)
he bank has agreed to
st rate. What will be
ent.
Company takes a loan of 96 000 € for 6 years with quarterly payments. The interest rate of the loan is 6.5 %.
a) Calculate the equal payment and the sum of interests if the loan is taken as an equal payment loan.
b) Calculate the first and the last payment and the sum of interest if the loan is taken as a steadily amortized loan
c) Calculate the remainder of loan after 3 years in both cases (equal payment loan and steadily amortized loan).

Equal payment loan

Amount of loan 96,000.00 €

Annual interest rate 6.50%
Payments in a year 4
Loan term (in years) 6
Relative interest rate 1.625 %
Number of payments 24
Equal payment 4,862.58 € =PMT(B9;B10;-B5)

Sum of payments 116,701.92 € =B10*B11

Amount of loan 96,000.00 € =B5
Sum of interests 20,701.92 € =B13-B14

Steadily amortized loan

Amount of loan 96,000.00 €

Annual interest rate 6.50%
Payments in a year 4
Loan term (in years) 6
Relative interest rate 1.625 % =B20/B21
Number of payments 24 =B21*B22
Amortization 4,000.00 € =B19/B24
First interest 1,560.00 € =B19*B23
Last interest 65.00 € =B25*B23
First payment 5,560.00 € =B25+B26
Last payment 4,065.00 € =B25+B27
Sum of interests 19,500.00 € =(B26+B27)*B24/2

Remainder of loan

Equal payment loan

Number of payments made already 12

Number of unpaid payments 12
Remainder of loan 52,627.96 € =PV(B23;B37;-B11)

Steadily amortized loan

Amortizations made 48,000.00 € =B36*B25

Remainder of loan 48,000.00 € =B19-B42
The interest rate of the loan is 6.5 %.
en as an equal payment loan.
oan is taken as a steadily amortized loan.
yment loan and steadily amortized loan).

;B37;-B11)
Challenging
10 Equal payment Nov 2011 912.58 €
Equal payment Nov 2012 806.68 €
A mortgage of 168 000 € was taken in November 2010 as an annuity loan for 20 years. The loan was ti
month rate which was 1.541 % at the time. The marginal was agreed to be 0.75 %-points. The paymen
monthly. In November 2011 the Euribor rate was 2.044 % and in November 2012 the Euribor rate was 0
Calculate the equal payment after the second interest rate revision in November 2012.

Original equal payment

Amount of loan 168,000.00 €

Annual interest rate 2.29%
Payments in a year 12
Loan term (in years) 20
Relative interest rate 0.19%
Number of payments 240
Original equal payment 873.23 € =PMT(B9;B10;-B5)

Remainder of loan

Payments made already 12

Unpaid payments 228 =B10-B15
Remainder of loan 161,300.05 € =PV(B9;B16;-B11)

Change in interest rate

New annual interest rate 2.79% =0,75%+2,044%

New relative interest rate 0.23% =B21/B7
New equal payment 912.58 € =PMT(B22;B16;-B17)

Remainder of loan

Payments made already 12

Unpaid payments 216 =B16-B27
Remainder of loan 154,772.68 € =PV(B22;B28;-B23)

Change in interest rate

New annual interest rate 1.34% =0,75%+0,588%

New relative interest rate 0.112 % =B33/12
New equal payment 806.68 € =PMT(B34;B28;-B29)
 ty loan for 20 years. The loan was tied to Euribor 12-
ed to be 0.75 %-points. The payments are made
ovember 2012 the Euribor rate was 0.588 %.
in November 2012.