PLEASE HELP I DONT KNOW WHAT FORMULA TO USE EXCEL 2007!!!!!

opiidol

New Member
Joined
Nov 6, 2007
Messages
3
Hey hows it going, i cant figure this out for some reason but hopefully you can help me out , ok so i need to find the total amount paid on the loan for the first year. heres how its setup

(loan is for 15 years, and a the monthly payment is paid every month so 15 years (times) 12 months = 180 months
Year 1
Beginning Balance-$750,000
Ending Balance-$719450.8795
Interest rate: 0.065
Monthly Payment: $6533.30524
total paid on Loan(paid on principle)- Need help on this! What do I do for total paid on loan(paid on principle), what formula (the answer is this $78399.66288, but i somehow I cant get it)? (if you dont understand what i mean, all i need is how much interest i paid for the first year on the loan.)
Thanks SO MUCH :biggrin:

__________
Jansen
 

Excel Facts

Workdays for a market open Mon, Wed, Friday?
Yes! Use "0101011" for the weekend argument in NETWORKDAYS.INTL or WORKDAY.INTL. The 7 digits start on Monday. 1 means it is a weekend.

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