Excel Formula To Calculate Total Interest On A Loan Calculate the simple interest cumulative and compound interest on a loan in Excel using functions like PMT IPMT PPMT CUMIMPT and PV
For example you have borrowed 100000 from bank in total the annual loan interest rate is 5 20 and you will pay the bank every month in the coming 3 years as below screenshot shown Now you can calculate the total interest you will pay on the load easily as follows Select the cell you will place the calculated result in type the formula CUMIPMT B2 12 B3 12 B1 B4 B5 1 and press the This article discusses how to calculate principal with PPMT function and interest with IPMT function based on a loan taken in Excel
Excel Formula To Calculate Total Interest On A Loan
Excel Formula To Calculate Total Interest On A Loan
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Formula Breakdown We have used the PMT function which calculates the monthly or annual payment based on a loan with a constant interest rate and regular payment C7 denotes the monthly interest rate of 0 58 C8 denotes the total payment period in years which is 5 We have multiplied by 12 to calculate the monthly payment C5 denotes the present value which is 40 000 The Minus sign denotes Formula to Calculate an Interest Rate in Excel Maybe you have an existing loan and want to quickly see the annual interest rate you re paying As simple as calculating a payment with basic loan details you can do the same to determine the interest rate Get the loan term monthly payment and loan amount and enter them in your sheet Select the cell where you want to see the interest rate
For example you can build a calculator to calculate the total interest paid on a loan based on the loan amount interest rate and period of payment In Excel there are 2 ways of doing this Microsoft Excel can help you manage your finances Use Excel formulas to calculate interest on loans savings plans down payments and more
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Learn how to calculate interest payments in Excel using formulas helping you manage and analyze loan data efficiently with precise calculations One way to calculate the total interest paid on a loan is by subtracting the original loan amount from the total payments made over the life of the loan This simple formula can be easily implemented in Excel using basic mathematical functions
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