MECC Championships 2026

Individuals & Teams Las Vegas • Nov 30 - Dec 2, 2026 Excel Esports Hyperx arena Prize Fund • $34,050 Individuals & Teams Las Vegas • Nov 30 - Dec 2, 2026 Excel Esports hyperx arena Prize Fund • $34,050

Get Hyped →

2024 PERSONAL FINANCE TRAINING – PAYING OFF A LOAN (MARCH)

Here is a comprehensive walkthrough guide for the 2024 Personal Finance Training – Paying Off a Loan (March) provided by one of our faculty fellows, David Brown. The case is available in your ExPrep account. Try it yourself, and if you get stuck, look for the solution in the videos.

TASK
In this Challenge, you will forecast when you will pay off a loan based on the loan’s term, starting balance, interest rate, and any additional payments you make each month. From an Excel perspective, you will learn about XLOOKUP, IF, MIN, and PMT, and also how to use goal seek. From a personal finance perspective, you will learn how to calculate loan payment amounts (using the annuity formula) and how to determine how quickly you can pay off a loan. Note that the loan term parameter is less than or equal to 30 years and payments are made monthly.

WALKTHROUGH VIDEO PROVIDED BY DAVID BROWN

In this tutorial, David explains how to forecast when you will pay off a loan based on its term, starting balance, interest rate and any additional payments. You will learn how to:

work with XLOOKUP, IF, MIN and PMT functions
calculate loan payment amounts (annuity formula)
determine how quickly you can pay off a loan

2024 PERSONAL FINANCE TRAINING – PAYING OFF A LOAN (MARCH)

Keep In Touch