EXCEL HELP

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Solved EXCEL HELP

Post by mcovotery on Thu Apr 09, 2009 3:44 am

HI, not sure if this is the right section to post this in (so if it needs to be moved feel free to do so)

It regards excel and working out loan payments

These are the inputs i can enter

Loan Amount, The Interest Rate per annum, How much the business decides to pay back

What i have to calculate is the amount of months it will be required to pay off the full loan including the compounded interest Let me think

I have googled it and also been through heaps of books but i cant find the solution, PLEASE HELP!!!
:crazy:

mcovotery
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Solved Re: EXCEL HELP

Post by Doctor Inferno on Tue Apr 14, 2009 10:55 am

Hello, sorry for the delay in reply, I missed out your post.

Assuming the Interest Rate per annum is nominal, the monthly interest rate the annual rate divided by twelve.


Amortization table
    Column A: Month. [ +Month: A(month-1)+1]
    Column B: Opening Balance [ +Closing Balance: G(month-1)]
    Column C: Payment [ payment]
    Column D: Outstanding Balance [+Opening Balance: B(month)-Payment:C(month)]
    Column E: Interest rate [monthly interest rate ]
    -Format interest as a percent.
    Column F: Interest [+Outstanding Balance: D(month)*Interest rate: E(month)]
    Column G: Closing Balance [+Oustanding Balance:D(month)+Interesrt:F(month)]


Start numbering the Months from 0.

Set the Closing Balance of month 0 to the Loan Amount. That makes the Opening Balance on month 1 equal to the Loan amount.

For constant values, set the monthly value equal to the previous month’s value and enter the constant value in month (0). For example, equal payments or equal interest rates.

Also check out Microsoft Office Online:
http://office.microsoft.com/en-us/FX102855291033.aspx
and search for amortization tables for Excel under Templates.


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Solved Re: EXCEL HELP

Post by mcovotery on Fri Apr 17, 2009 10:01 pm

Have tried what you told me and that works fine as well

Thanks alot!!!

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Solved Re: EXCEL HELP

Post by Doctor Inferno on Sat Apr 18, 2009 2:51 am

Thanks for letting me know. Smile


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