sing VBA Build a loan calculator subroutine that will display the total interest paid over the life of a loan. Make this interactive so that the user will be prompted for:
· The loan Amount
· The number of Years
· The frequency (number of payments per year)
· The interest Rate (APR)
You will need to determine how much of each payment goes toward interest and then sum the interest up.
Set your default loan amount to $100,000
Set the default term to 15 years
Set the default frequency to 12 payments per year
Set your default interest rate to 5% APR
Hints:
You will need 4 input boxes
You can solve mathematically or utilize the Excel function IPMT to solve for the interest portion of the payment each period.
Then total the interest payments up using a loop.
In a message box, output two things:
· the total amount of all the payments
· the total interest paid over the life of the loan
· The loan Amount
· The number of Years
· The frequency (number of payments per year)
· The interest Rate (APR)
You will need to determine how much of each payment goes toward interest and then sum the interest up.
Set your default loan amount to $100,000
Set the default term to 15 years
Set the default frequency to 12 payments per year
Set your default interest rate to 5% APR
Hints:
You will need 4 input boxes
You can solve mathematically or utilize the Excel function IPMT to solve for the interest portion of the payment each period.
Then total the interest payments up using a loop.
In a message box, output two things:
· the total amount of all the payments
· the total interest paid over the life of the loan
