Total interest paid

[Paully]

When I plug $500,000 at 8% interest, over 5 year loan period, for 12 payment periods per year into the loan amortization ss, it calculates my Total Interest paid over the life of the loan to be $108,291.83.

Is there a formula I can use in one cell in another ss that will give me the same answer?

I have tried IPMT and ISPMT and searched the threads, with no luck. Can you help me?

 

[Andrew Poulsom]

It's:

=CUMIPMT(8%/12,60,500000,1,60,0)

 

[Paully]

I tried to copy and past the formula and retyping it and in my cell it shows #NAME?

What do you think I could be doing wrong?

 

[Andrew Poulsom]

You need to install the Analysis ToolPak Add-In.

 

[Paully]

Excellent. Thanks.