I am desperately in need of a form of amortization schedule (Formula) for re-calculating a "debtors account" with existing payments on their exact date (Per month. It must be in Excel and it must allow for values to be inserted on specific dates (Months)to then auto re-calculate on enter.
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Amortization
- Thread starter JohanP
- Start date
parry
MrExcel MVP
- Joined
- Aug 20, 2002
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Hi, use the PMT formula to work out the amortized repayment amount (P&I). You can then just calculate the remaining loan principal by the outstanding amount - repayment each month.
The trick with the PMT formula is that the first argument (rate) is the interest rate divided by the amount of payments per year. So for example if you are charging 21%pa with monthly repayments then the rate is 21/12 or 1.75%.
hope this helps
The trick with the PMT formula is that the first argument (rate) is the interest rate divided by the amount of payments per year. So for example if you are charging 21%pa with monthly repayments then the rate is 21/12 or 1.75%.
hope this helps
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