5.08 Templates

Introduction

Have you ever purchased something that required you to borrow money?

• Maybe it was just a game console.
• Maybe you just borrowed money from your parents.

Regardless of the situation, if the money was borrowed and had to be paid back, most likely a schedule (official or not) was set up to make payments to return the money.

At this point in your life, you probably haven't made a purchase large enough to require borrowing money from the bank. However you will someday – probably sooner than you think! When that day comeso, you will have to return that money with interest. Before that purchase is made, you may want to figure out the size of your monthly payments and the amount of money you will pay in interest. You can actually use a template in a spreadsheet to calculate these numbers.

Templates in Microsoft Excel and Google Sheets are master worksheets that include the basic elements used for a specific type of worksheet. The template could be a budget, invoice, timesheet, payment amortization schedule A table showing number of repayments of a loan, including how much of the monthly payment is going to the original borrowed amount (the principal), how much is going to interest, and the remaining balance. , etc. In this lesson, you will learn more about spreadsheet templates and just how useful they can be.