Help!!! Need Mortgage formula...

jimmar123

New Member
Joined
Apr 18, 2002
Messages
5
Ok Experts:

Please help a newbie out. Here is the scenario:

Principal of a loan is $90,000. Annual Interest rate is 7%. My monthly payment is $698.77.

What is the formula for calculating how long it will take me to pay this loan off?

Been banging my head against the wall trying to figure it out. Please help...Thanx in advance!!
 

Excel Facts

Select all contiguous cells
Pressing Ctrl+* (asterisk) will select the "current region" - all contiguous cells in all directions.
you can use
=NPER((0.07/12),-698.77,90000)

I believe the British mortgage system would be
=NPER((0.07/12),-698.77,90000,,1)

note the rate must be adjusted to monthly
This message was edited by IML on 2002-04-19 08:22
This message was edited by IML on 2002-04-19 08:23
This message was edited by IML on 2002-04-19 08:24
 
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