The "$" makes sure that when the cell is copied and pasted for future payment periods in the following steps, Excel will continue to use the amount in cell B4 as the monthly payment.Įnter "=ROUND(B1*B$2/1200,2)" in cell B7 to calculate the interest portion of the first month's payment. In cell B4, enter the formula "=-PMT(B2/1200,B3*12,B1)" to have Excel automatically calculate the monthly payment.įor example, if you had a $25,000 loan at 6.5 percent annual interest for 10 years, the monthly payment would be $283.87.Įnter "Payment" in cell A6, "Interest Portion" in cell B6, "Principal Portion" in cell C6 and "New Balance" in cell D6.Įnter "=$B$4" in cell A7 to have Excel automatically transfer the monthly payment calculated in cell B4. Enter the corresponding values in cells B1 through B3.
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