Knowing to Better Your Loan and Its Payment
Some of us might have a loan and then we have to pay it back monthly, but the amount that we borrow and the amount that we have to pay will be different. It is because you will be charged for the interest of the loan that you have taken. We can track the amount that we have to pay by making amortization schedule excel, some formats that we need to put are, “original principle”—the loan that you have taken, “loan terms (years)”—how long do you want to pay it back, “annual interest rate”—the interest per year, “payment per X year”—let say you want to pay the loan and pay it back for three years so it will be 12 multiplied by 3, which is 36 times, “payment”—the amount that you have to pay per month, and “monthly interest”—the interest of the loan that you have to pay per month. You just need to write down at the top of the tables because you will need to draw the tables under those formats. For the table, you can put “month”, “payment”, “interest”, “principle”, “balance”, and “schedule payment date” as the formats.
If you make amortization schedule excel, it will help you to make the calculation of the amount that you have spent for it. This schedule can be used by anyone who has loa for a car, a house, a business loan, ar any kind of loans. Another advantage that you will get is, you will probably be more aware and will think a lot of times before you decided to take a loan again. Every time you are going to pay for the loan, you will take a look at it then maybe you will realise that taking loan is actually only needed in the urgent time. By making amortization schedule excel will also make you know the exact amount that you have to pay monthly every time you pay for it. There is no loss of making this schedule in order to make your life more organised and arranged. Even though the place that you choose to get the loan probably already give you the evidence, but it is better if the two sides (the bank—as the part that has role to borrow us some loan) and us (as the person who receives the loan) make the evidence too so both sides are easy to do the crossed-checked
