Hi there
I'm looking for a loan formula that calculates the loan amount based an a payment schedule that is irregular. For example if you have a loan amount of £10,000 over 5 years at 7% giving a monthly payment of £242.72, I need formula that calculates what would happen to the £10k initial loan if you made the payments £250 in year one, £240 in year 2 etc. PV doesn't seem to work with irregular payments and I've tried to use XNPV but it doesn't return accurate data. I'd appreciate any help, I've been Googling for hours! Many thanks
I'm looking for a loan formula that calculates the loan amount based an a payment schedule that is irregular. For example if you have a loan amount of £10,000 over 5 years at 7% giving a monthly payment of £242.72, I need formula that calculates what would happen to the £10k initial loan if you made the payments £250 in year one, £240 in year 2 etc. PV doesn't seem to work with irregular payments and I've tried to use XNPV but it doesn't return accurate data. I'd appreciate any help, I've been Googling for hours! Many thanks