5. In main(), using the monthly payment that you just calculated, call a function to create an amortization schedule for the loan using these specifications: a. Create a function called Amortize. It should receive as parameters: currentPeriod, totalPeriods, paymentAmount, monthlyInterestRate, currentBalance. b. The function MUST be recursive to receive credit for producing the Amortization Schedule. c. The function should print out the Amortization Schedule to the screen using good formatting (including spelling and grammar where appropriate)

Np Ms Office 365/Excel 2016 I Ntermed
1st Edition
ISBN:9781337508841
Author:Carey
Publisher:Carey
Chapter4: Analyzing And Charting Financial Data
Section: Chapter Questions
Problem 4.6CP
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I need help creating a function that creates an amoritization schedule for a loan.

Loan Application - Amortization Schedule
Principal:
Life of Loan (10, 15 or 30 years):
Annual interest rate:
Monthly payment:
100000
15
4.5%
764.99
Payment
Amount Interest Principal
Balance
100000.ӨӨ
1
764.99
375.00
389.99
99610.01
2
764.99
373.54
391.46
99218.55
3
764.99
372.07
392.92
98825.63
...
...
...
178
764.99
8.54
756.45
1521.42
179
764.99
5.71
759.29
762.14
180
764.99
2.86
762.14
0.00
Press any key to continue
Transcribed Image Text:Loan Application - Amortization Schedule Principal: Life of Loan (10, 15 or 30 years): Annual interest rate: Monthly payment: 100000 15 4.5% 764.99 Payment Amount Interest Principal Balance 100000.ӨӨ 1 764.99 375.00 389.99 99610.01 2 764.99 373.54 391.46 99218.55 3 764.99 372.07 392.92 98825.63 ... ... ... 178 764.99 8.54 756.45 1521.42 179 764.99 5.71 759.29 762.14 180 764.99 2.86 762.14 0.00 Press any key to continue
5. In main(), using the monthly payment that you just calculated, call a function to create an
amortization schedule for the loan using these specifications:
a. Create a function called Amortize. It should receive as parameters:
currentPeriod, totalPeriods, paymentAmount, monthlyInterestRate,
currentBalance.
b. The function MUST be recursive to receive credit for producing the
Amortization Schedule.
c. The function should print out the Amortization Schedule to the screen using good
formatting (including spelling and grammar where appropriate)
Transcribed Image Text:5. In main(), using the monthly payment that you just calculated, call a function to create an amortization schedule for the loan using these specifications: a. Create a function called Amortize. It should receive as parameters: currentPeriod, totalPeriods, paymentAmount, monthlyInterestRate, currentBalance. b. The function MUST be recursive to receive credit for producing the Amortization Schedule. c. The function should print out the Amortization Schedule to the screen using good formatting (including spelling and grammar where appropriate)
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