A loan can be paid off faster by paying additional payments meaning extra payment than the scheduled payment. Constant amount of extra payments can be made every period or periodically for example alternate periods etc. Variable additional payments can also be made in some specific periods. This video explains in detail how you can create a reusable amortization schedule for variable number of periods and extra payments.
To download practice Excel file please click on the link below
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To learn different ways to create amortization schedule please click on the link below
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