The dynamic amortization table

An amortization table details how loan payments are allocated on a period-by-period basis, such as monthly. Additionally, an amortization table shows how the amount of the loan declines over time, typically down to zero or to an agreed-upon balloon payment to be made at the end. You might have encountered an amortization table in the paperwork provided along with the purchase of a car or a house. Historically, amortization tables generally required manual adjustments to accommodate different loan lengths. For instance, an amortization table for a 48-month car loan would need to have 12 more rows added if you opted for a 60-month loan instead. Dynamic array functions now enable us to create dynamic amortization tables that do not require much maintenance but instead expand or contract automatically to match the length of the loan.

Prior to the advent of dynamic array functions, you could create a macro to resize an amortization table on demand, or you...