How To Calculate Loan Amount Based On Monthly Payment In Excel Get the annual interest rate number of payments you d like and total loan amount and enter these into your sheet Select the cell where you want to calculate the monthly payment this is where you ll insert the PMT payment function The syntax for the function is PMT rate number payments loan amount future value type The only
2 Excel Mortgage Formula to calculate the Fixed Periodic Payment The loan amount is 150 000 C7 The annual interest rate is 6 C8 the duration is 2 years C9 and the total number of months is 12 C10 STEPS Select a cell to calculate the monthly payment Here C12 The generic formula for a fixed periodic payment is The present value is the total amount that a series of future payments is worth now FV returns the future value of an investment based on periodic constant payments and a constant interest rate Figure out the monthly payments to pay off a credit card debt Assume that the balance due is 5 400 at a 17 annual interest rate
How To Calculate Loan Amount Based On Monthly Payment In Excel
How To Calculate Loan Amount Based On Monthly Payment In Excel
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After pressing Enter the function will display the monthly payment after taking into account all the parameters Formula Explanation The interest rate is 12 per year Thus the monthly interest rate is 12 divided by 12 or 1 Thus the rate argument for the PMT function is 1 The 10 000 principal amount is the amount actually received the bank Thus the PV of the PMT function is 10 000 In the cell where you want to display the monthly payment enter the PMT function The formula looks like this PMT rate 12 nper 12 pv where rate is the interest rate nper is the total number of payments and pv is the loan amount The PMT function helps you calculate the monthly payment required to repay your loan
When using Excel to calculate the loan amount based on the monthly payment keep in mind that different loan terms can produce varying results A longer loan term may result in a higher calculated loan amount while a shorter loan term may yield a lower figure Calculating Monthly Car Payments in Excel Calculating a monthly car payment in Excel is similar to calculating a monthly mortgage payment To start you ll need the interest rate length of loan and the amount borrowed For this example let s say the car loan is for 32 000 over five years at a 3 9 interest rate Interest rate 3 9
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Excel has a built in function PMT that calculates the monthly loan payments for you All you have to do is enter the details of the loan like the interest rate the duration and the principal of the loan and Excel will calculate the loan payments for you The syntax for the PMT Function is PMT rate nper pv fv type Calculate Amortized Enter PV A1 A2 A3 in cell A4 to calculate the maximum amount of the loan Because this value expresses a debt it appears red and parenthesized Advertisement
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