What is payment period, and why is it equal 100 in this mortgage table?

Here’s the table:

enter image description here

I think the payment period is a month, but I don’t understand why it’s 100.

The image is taken from this Excel exercise: http://web.utk.edu/~dhouston/excel/exer3.pdf

One thought on “What is payment period, and why is it equal 100 in this mortgage table?

  1. Hart CO

    It is the 100th month of the mortgage term.

    Using the PMT() function in Excel I generated this amortization schedule with the variables in your question:

    Amortization Table

    For some reason rather than showing the whole amortization table they chose to let you calculate for any given month what the split between principal and interest would be.

    Edit: Added the formula text in the next cell over on the top portion to show interest percentage used and PMT() function format.

Leave a Reply

Your email address will not be published. Required fields are marked *