subject: Amortization Calculator Extra Payments: Why Pay More? [print this page] If you are still confused with making additional payment in your loans then the amortization calculator extra payments is the answer to that. Today, it is not a matter of is it right to make more payments that what is expected in a loan. The question is how much i will be able to save when you do it especially these recession times. Are the additional payments going to affect the principal and will it really save me that much? With an amortization calculator extra payments that you download or use online, you can see and answer that question with just a click of a button!
What the amortization calculator extra payments will show you on why people make additional payments on a loan?
The additional payments are made because of the following reasons:
The main reason why the person on debt makes the additional payments is because people today all want to repay a loan as fast as possible.
Through the use of the amortization calculator extra payments, the person in debt will be able to see that making additional payments could lessen the whole interest that is needed in repaying off the loan.
It is also best to make extra payments in order to conveniently and to efficiently make use of the high rates of interest of the loan that they are repaying. Using the amortization calculator extra payments you shall understand more of the rates.
These reasons are all for the good of the people but remember to get atleast the approximate amounts that you will be facing when making additional payments. It is highly recommended using an amortization calculator extra payments for this matter. It is always better to be prepared than to be sorry in the latter part of the loan.
The Amortization Calculator Extra Payments Can Be Used In Knowing The Outcome Of The Total Saved Interest Amount Through Making The Extra Payments For Every Month.
To be able to properly use the amortization calculator extra payments, there is a certain element in the Excel program that must be installed first. It is in default that the function CUMIPMT needs to have an Analysis Toolpak present in the program. This element of the Excel program lets the user has more functions to use. However, the Analysis Toolpak is often times manually installed. Therefore before downloading an amortization calculator extra payments, especially the complex ones, make sure, you have this in your Excel program to be able to use and get the most approximate answers through the amortization calculator extra payments that also uses the compound interest formula.
How to install the Analysis Toolpak?
The first thing you need to do is open the Microsoft Excel program.
You will see a Tool option in the menu bar on top of the Excel program. Click it and more sub options will show.
Click the sub option Add-Ins and a popup window will appear.
The last thing to do is click on the box that is beside the Analysis ToolPak option.
Youre now done and ready to use and be saved by all interests in a loan through the use of the amortization calculator extra payments.
by: William Ava
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