Sienna de Souza
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HI I need assistance in creating a formula for estimating interest on monthly payments for a 20 year period.
- Thread starter Sienna de Souza
- Start date
Excel Facts
Format cells as date
Select range and press Ctrl+Shift+3 to format cells as date. (Shift 3 is the # sign which sort of looks like a small calendar).
Dave Patton
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- 2010
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Don't you have the interest on the amortization schedule?
It is better to post an example with the forum's tool named Xl2BB.
It is better to post an example with the forum's tool named Xl2BB.
| T240203a.xlsm | ||||
|---|---|---|---|---|
| A | B | |||
| 1 | ||||
| 2 | Principal | 44,900.00 | ||
| 3 | Term | 20 | ||
| 4 | Rate | 5% | ||
| 5 | Payment | $296.32 | ||
| 6 | ||||
| 7 | Interest | $26,216.83 | ||
| 8 | ||||
| 9 | $26,216.83 | |||
4a | ||||
| Cell Formulas | ||
|---|---|---|
| Range | Formula | |
| B5 | B5 | =PMT(B4/12,B3*12,-B2) |
| B7 | B7 | =B5*B3*12-B2 |
| B9 | B9 | =-CUMIPMT(B4/12,B3*12,B2,1,240,0) |
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