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AMORTIZATION is the process of repaying a loan by equal periodic payments. This type of setup is called an Amortization Schedule. It shows the payment period or payment number, the size of each periodic payment amount, the interest included in that payment, the amount of principal repaid in that payment period, and the outstanding or remaining principal balance after each payment. For example, suppose we have $8,000 loan borrowed at 7.5% compounded annually is repaid by equal annual payments over 4 years. At the beginning, Period 0, we only have the $8000 loan as the outstanding principal balance. Since we have 4 annual payments to pay off the loan, Ill highlight 1 and 2 here and drag the fill handle down to 4 periods. For the periodic payment, Ill use the Excel PMT function. The periodic rate is 7.5%, (note that this is because payment and compounding frequency are annual, otherwise, we need to do some calculations) comma, then the number of periods which is 4, comma, then the prese
