Amortization is a way of paying off a debt by spreading payments over a period of time that are applied to both the loan's principal amount and the interest accrued. We can determine the amount of loan payments once we know the frequency of payments, the interest rate, and the tenure. An amortized loan payment first pays off the relevant interest expense for the period, after which the remainder of the payment is put toward reducing the principal amount.
Learn how to build an amortization dashboard with financial and conditional formulas with Wagons Training Program. In this course, we'll be looking at the key financial formulas that can be used to investigate loans, like student loans, car loans, and mortgages.
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