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Calculate Car Payment

This is a discussion on Calculate Car Payment within the Excel Questions forums, part of the Question Forums category; Forgive me for being not so bright, but I was wondering if there is a function to calculate a car ...

  1. #1
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    Default Calculate Car Payment

    Forgive me for being not so bright, but I was wondering if there is a function to calculate a car payment. For some reason all of the custom formulas I have used are not producing anything close. Any help would be appreciated. Sorry I left out some information, I want to be able to use a dynamic interest rate, i.e. change the rate to verify payment.

    OS XP
    Excel 2002

  2. #2
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    Default Re: Calculate Car Payment

    Hi,

    Never used it, but have you tried the PMT financial function which "calculates the payment for a loan based on constant payments & a constant interest rate"

    HTH

    Alan

  3. #3
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    Default Re: Calculate Car Payment

    I think I am having trouble understanding the =PMT formula. The only constants I have is interest rate, Current value, and number of payments. =PMT asks for future value which you can omit, and type, which I don't fully understand.

  4. #4
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    Default Re: Calculate Car Payment

    Hi Aaron,

    Here is an example:

    =PMT(5.5%/12, 48, 10000)

    Where:
    5.5% is the interest rate
    48 is the period (in months) over which the repayments will be made
    10000 is the amount loaned

    I hope this helps.

  5. #5
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    Default Re: Calculate Car Payment

    =PMT works, I guess I was just putting in some errant cells. I appreciate everyones help with this one.

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