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Calculate the loan balance for each of the six months. The loan balance is calculated as the additional cash needed for a given month minus any cash used to retire debt for that month plus the loan balance carried from the prior month.

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Answer:

The closing balance from the excel sheet is $5,000.00

Step-by-step explanation:

Solution

Given that:

The loan balance required l for each month can be computed as follows:

The loan balance = additional cash needed – cash used to retire debt + loan balance from previous month

Now

By applying the excel formula to perform this task is stated as follows:

D34 = SUM(D31-D33,C34)

The same formula is used to get the values for E34 to I34.

Kindly find an attached copy of the updated excel sheet after applying above formula which is a part of the solution is as follows:

Calculate the loan balance for each of the six months. The loan balance is calculated-example-1
User Bhakta Raghavan
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