The program will add the file extension for you automatically. xlsx file extension in the Save As dialog box, do not type it. Save the file as SC_EX16_4a_ FirstLastName_2.xlsx by changing the “1” to a “2”.Open the file SC_EX16_4a_ FirstLastName_1.xlsx, available for download from the SAM website.This represents the new debt balance owed based on the payment made for the new period. The ending loan balance is the difference between the beginning loan balance and the principal portion.As the outstanding loan balance decreases over time, less interest will be charged, so the value of this column should increase over time. This is the total payment amount less the amount of interest expense for this period. The principal portion is simply the left over amount of the payment.As the outstanding loan balance decreases over time, less interest should be charged each period. Always be mindful of how a lender calculates, applies, and compounds your annual percentage rate as this impacts your schedule. For example, if a payment is owed monthly, this interest rate may be calculated as 1/12 of the interest rate multiplied by the beginning balance. This is often calculated as the outstanding loan balance multiplied by the interest rate attributable to this period's portion of the rate. The interest portion is the amount of the payment that gets applied as interest expense.Though you usually calculate the payment amount before calculating interest and principal, payment is equal to the sum of principal and interest. This will often remain constant over the term of the loan. The payment is the monthly obligation calculated above.This amount is either the original amount of the loan or the amount carried over from the prior month (last month's ending loan balance equals this month's beginning loan balance). The beginning loan balance is the amount of debt owed at the beginning of the period.This may either be shown as a payment number (i.e., Payment 1, Payment 2, etc.) or a date (i.e. This column helps a borrower and lender understand which payments will be broken down in what ways. However, each row on an amortization represents a payment so if a loan is due bi-weekly or quarterly, the period will be the same. The period is the timing of each loan payment, often represented on a monthly basis.
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