![]() Each formula is encased in an IFERROR function to do this. Step 2: Construct an Amortization Schedule Also, the loan amount of $20,000 is mentioned.We also have the Payments Per Year, which is 12, because our loan year is 1, and we must repay the loan within the following 12 months.Then we have our Loan in Years, which is just for one year. ![]() It primarily computes the annual percentage amount that we must pay.
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