An Amortization ScheduleAn Amortization Schedule

New FunctionsNew Functions

An Amortization ScheduleAn Amortization Schedule

An Amortization ScheduleAn Amortization Schedule Payment schedule on a loanPayment schedule on a loan

Shows date of each paymentShows date of each payment Amount that goes towards interestAmount that goes towards interest Amount that goes toward principleAmount that goes toward principle The remaining balanceThe remaining balance

Completely FlexibleCompletely Flexible Incorporate the option to make an extra Incorporate the option to make an extra

paymentpayment

Logical FunctionsLogical Functions

These functionsThese functions Check whether a Check whether a

condition is metcondition is met Return one of two Return one of two

valuesvalues True or FalseTrue or False

ANDAND OROR NOTNOT IFIF FALSEFALSE TRUETRUE

AND Logical FunctionAND Logical Function Checks whether all arguments are true and Checks whether all arguments are true and

returns the value true (otherwise returns False)returns the value true (otherwise returns False)

OR FunctionOR Function Checks whether any of the arguments Checks whether any of the arguments

are true and returns true or falseare true and returns true or false Returns false only if all arguments are falseReturns false only if all arguments are false

Additional Logical FunctionsAdditional Logical Functions

=NOT=NOT Changes FALSE to TRUE and TRUE to FALSEChanges FALSE to TRUE and TRUE to FALSE

=NOT(1+1=2)=NOT(1+1=2) Reverses an equation that evaluates to TRUE (FALSE)Reverses an equation that evaluates to TRUE (FALSE)

=NOT(FALSE) Reverses FALSE to TRUE=NOT(FALSE) Reverses FALSE to TRUE =TRUE=TRUE

Returns the value TRUEReturns the value TRUE No argumentsNo arguments Used for compatibility with other spreadsheet programsUsed for compatibility with other spreadsheet programs

=FALSE=FALSE Returns the value FALSEReturns the value FALSE

Date FunctionsDate Functions

Excel stores a date as a serial numberExcel stores a date as a serial number Jan. 1, 1900 = 1; Jan. 2, 1900 = 2Jan. 1, 1900 = 1; Jan. 2, 1900 = 2

Want the same date in every monthWant the same date in every month Payment SchedulePayment Schedule

Jan. 15, Feb. 15, March 15, etc. are due datesJan. 15, Feb. 15, March 15, etc. are due dates ProblemProblem

Add 30 or 31, or 28 (29) for FebruaryAdd 30 or 31, or 28 (29) for February

=MONTH(serial_number)=MONTH(serial_number) Returns the numeric month of a date Returns the numeric month of a date

represented by a serial number represented by a serial number

=DAY(serial_number) and =DAY(serial_number) and =YEAR(serial_number)=YEAR(serial_number)

=Month(A1)+1 adds 1 to the numeric month=Month(A1)+1 adds 1 to the numeric month

The DATE FunctionThe DATE Function

The DATE function is most useful in The DATE function is most useful in formulas where year, month, and day formulas where year, month, and day are formulas, not constantsare formulas, not constants

=DATE=DATE((yearyear,,monthmonth,,dayday) ) Returns the sequential serial number Returns the sequential serial number

that represents a particular date that represents a particular date Year Year 

Argument can be one to four digits Argument can be one to four digits

DATE FunctionDATE Function =DATE=DATE((yearyear,,monthmonth,,dayday))

Month    Month    A number representing the month of the year A number representing the month of the year If month is greater than 12 If month is greater than 12

Date adds the months greater than 12 to the first month in Date adds the months greater than 12 to the first month in the year specifiedthe year specified

If month = 14, Excel would return February of the next yearIf month = 14, Excel would return February of the next year =DATE(2008,14,2) returns the serial number representing =DATE(2008,14,2) returns the serial number representing

February 2, 2009 February 2, 2009 Day    Day   

A number representing the day of the month A number representing the day of the month If day is greater than the number of days in the month If day is greater than the number of days in the month

specified specified Date adds the extra number of days to the first day in the Date adds the extra number of days to the first day in the

next monthnext month =DATE(2008,1,35) returns the serial number representing =DATE(2008,1,35) returns the serial number representing

February 4, 2008February 4, 2008

An ExampleAn Example Wish to know the next scheduled paymentWish to know the next scheduled payment

=DATE(YEAR(A1),MONTH(A1)+1,DAY(A1))=DATE(YEAR(A1),MONTH(A1)+1,DAY(A1))

DATE FunctionDATE Function

=DATE(L13,J13+1,K13)

MATCH FunctionMATCH Function Returns the relative Returns the relative positionposition of an of an

item in an array that matches a item in an array that matches a specified value in a specified order specified value in a specified order

Use MATCH instead of a LOOKUP Use MATCH instead of a LOOKUP function function when you need the when you need the positionposition of an item in of an item in

a range instead of the item itselfa range instead of the item itself =MATCH(lookup_value,lookup_array,=MATCH(lookup_value,lookup_array,

match_type)match_type)

=MATCH=MATCH

Lookup_value Lookup_value The value you want to match in lookup_arrayThe value you want to match in lookup_array Lookup_value can be a value (number, text, or logical Lookup_value can be a value (number, text, or logical

value) or a cell reference value) or a cell reference Lookup_array  Lookup_array  

a contiguous range of cells containing possible lookup a contiguous range of cells containing possible lookup values values

Lookup_array must be an array or an array referenceLookup_array must be an array or an array reference Match_type    Match_type   

is the number -1, 0, or 1is the number -1, 0, or 1 Specifies how Excel matches lookup_value with values in Specifies how Excel matches lookup_value with values in

lookup_arraylookup_array

=MATCH=MATCH

If match_type is 1 If match_type is 1 MATCH finds the largest value that is less than or equal to MATCH finds the largest value that is less than or equal to

lookup_value lookup_value Lookup_array must be placed in ascending order: ...-2, -1, 0, 1, Lookup_array must be placed in ascending order: ...-2, -1, 0, 1,

2, ..., A-Z, FALSE, TRUE2, ..., A-Z, FALSE, TRUE If match_type is 0 If match_type is 0

MATCH finds the first value that is exactly equal to MATCH finds the first value that is exactly equal to lookup_valuelookup_value

Lookup_array can be in any orderLookup_array can be in any order If match_type is -1 If match_type is -1

MATCH finds the smallest value that is greater than or equal to MATCH finds the smallest value that is greater than or equal to lookup_value lookup_value

Lookup_array must be placed in descending order: TRUE, Lookup_array must be placed in descending order: TRUE, FALSE, Z-A, ...2, 1, 0, -1, -2, ..., and so onFALSE, Z-A, ...2, 1, 0, -1, -2, ..., and so on

If match_type is omitted, it is assumed to be 1If match_type is omitted, it is assumed to be 1

Look-up Array is C2:C5

Look-up Value

INDEX FunctionINDEX Function

Returns a value from within a table Returns a value from within a table or rangeor range

Returns the value at the intersection Returns the value at the intersection of a row and columnof a row and column

=INDEX(=INDEX(arrayarray,row_num,column_nu,row_num,column_num)m) Returns the value of a specified cell Returns the value of a specified cell

within arraywithin array

=Index(Array,row,column)

Principal PaymentsPrincipal Payments

Without extra paymentsWithout extra payments Use PPMT functionUse PPMT function Returns the payment on the principal Returns the payment on the principal

For a given period For a given period For an investment based on periodic, constant For an investment based on periodic, constant

payments payments For constant interest rateFor constant interest rate

=PPMT(rate,per,nper,pv,fv,type)=PPMT(rate,per,nper,pv,fv,type) Rate    Rate   

The interest rate per periodThe interest rate per period

PPMT PPMT =PPMT(rate,per,nper,pv,fv,type)=PPMT(rate,per,nper,pv,fv,type)

Per    Per    Specifies the period and must be in the range 1 to nperSpecifies the period and must be in the range 1 to nper

Nper    Nper    Total number of payment periods in an annuityTotal number of payment periods in an annuity

Pv    Pv    The present valueThe present value The total amount that a series of future payments is worth nowThe total amount that a series of future payments is worth now

Fv   Fv    The future value, or a cash balance you want to attain after the The future value, or a cash balance you want to attain after the

last payment is made. last payment is made. If fv is omitted, it is assumed to be 0 (zero), that is, the future If fv is omitted, it is assumed to be 0 (zero), that is, the future

value of a loan is 0value of a loan is 0 Type    Type   

The number 0 or 1 and indicates when payments are dueThe number 0 or 1 and indicates when payments are due

Interest PaymentsInterest Payments

Without an extra paymentWithout an extra payment Use IPMTUse IPMT Returns the interest payment Returns the interest payment

For a given period for an investmentFor a given period for an investment Based on periodic, constant payments Based on periodic, constant payments A constant interest rateA constant interest rate

=IPMT(rate,per,nper,pv,fv,type)=IPMT(rate,per,nper,pv,fv,type) Rate    Rate   

The interest rate per periodThe interest rate per period Per    Per   

The period for which you want to find the interest The period for which you want to find the interest Must be in the range 1 to nperMust be in the range 1 to nper

IPMTIPMT

Nper    Nper    The total number of payment periods in an annuityThe total number of payment periods in an annuity

Pv   Pv    The present value, or the lump-sum amount that a series of The present value, or the lump-sum amount that a series of

future payments is worth right nowfuture payments is worth right now Fv    Fv   

The future value, or a cash balance you want to attain after the The future value, or a cash balance you want to attain after the last payment is made last payment is made

If fv is omitted, it is assumed to be 0 (the future value of a If fv is omitted, it is assumed to be 0 (the future value of a loan, for example, is 0)loan, for example, is 0)

Type    Type    When payments are dueWhen payments are due the number 0 (end of period)the number 0 (end of period) The number 1 (beginning of period)The number 1 (beginning of period) If omitted, type is assumed to be 0If omitted, type is assumed to be 0