![]() ![]() Here, we have our annual interest rate in cell B2, number of payments in cell B3, and loan amount in cell B4. For an annuity, you can use future_value for the value after the last payment is made and type for when the payment is due.Num_pay: The number of payments for the loan.Rate: The annual interest rate (divided by 12 in the formula).The syntax for the formula is PMT(rate, num_pay, principal, future_value, type) with the first three arguments required. For this, you’ll use the PMT function in Excel. You can then see if you should shop around for a better rate, need to reduce your loan amount, or should increase the number of payments. If you’ve been approved for a specific loan amount and interest rate, you can figure out your payments easily. Note: The formulas you see below do not take into account any additional fees or costs charged by your lender. You can then adjust those details to obtain different results and perform simple comparisons. With each function and its formula, you enter a few pieces of information to see the results. These let you see how much you can afford based on different amounts, rates, and timeframes. If you want to figure out the payment amounts, interest rate, or term for a loan, you can use a few handy Excel functions. Loan Payment, Interest, and Term Functions in Excel You’ll immediately see the amortization table update with all the details you need to keep up with your loan payments, principal, balance, interest, and cumulative interest. ![]()
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