End of Year Balance?

[josh21]

I making a amortization schedule, but stuck on formula to use for end of year balance.

loan amount is 243,141.25
interest rate 4.33%
monthly payment 2,500
10 year

year 1 beginning balance is 243,141.25 Trying to figure out year 1 end of year balance

what formula is there to use?What formula is used to find end of year balance for year 1 in cell C6?

 

[AhoyNC]

Take a look at the cumprinc function to calculate principal paid in first year and then subtract from your beginning balance.

Excel Workbook
	A	B	C	D	E
1	Loan	243,141.25
2	Interest	4.33%		19,863.11	Principal paid year 1
3	Payment	2,500
4	Years	10		$223,278.14	Bal. on year 1
Sheet