need help on a formula

[jrenglish86]

ok,

i'm trying to make out an amortization table for a mortgage for one of my
classes. We have to amortize by the month for a 30 year mortgage. He gave us
the property tax percentage and said that it goes up by a certain percentage
every year. He wants to be able to drag the formulas down from the first row
all the way down and everything equal out to zero.

How do you program the formula so the taxes go up only every 12 months?
Like, 1-12 will be 3%, then 13-24 will automatically go up to 3.5%.

Any help will be greatly appreciated. Thanks!

 

[Ashish Mathur]

Hi,

Your question is not very clear. May I request you to share the workbook at
(e-mail address removed) and explain the problem very clearly.

 

[Fred Smith]

To do the amortization table, simply type "amortization table" into Google,
and you will get lots of examples. You will need columns for period (month
in your example) opening balance, payment, interest, principal reduction,
and closing balance.

To adjust annualy for taxes, assume D2 has this month's taxes. Set D3 =D2.
Copy down for the next 10 months. Now D13 = d2 * 1.03 (for a 3% increase).
Copy this down for 11 months. If there is an algorithm for how the property
taxes increase, you can do this all in one copyable formula by checking for
being in the month of January.

Something like in d3:

=d2*if(month(a3)=1,1.03,1)

Regards,
Fred.