Loan Repayment Calculator Excel For An Organized Learning Loan Experience!
Have you ever wondered how to make repaying your loan easier and more organized
? Now you can! With the loan repayment calculator excel that is made into different types of different loan calculations. The loan repayment calculator excel is mainly made using the compound interest formula but with the MS Excel there are new formulas for the computer to use. But again, the principle of the compound interest is still there.A common loan would ask you for fixed monthly payments in a given period of time to pay it off. Most parts of the monthly payments will go to the interest of your loan especially in the first part of your loan pay off period. However, in the latter part of your repayment period and with a constant payment every month, your remaining balance will decrease. Therefore, more payments will go to the principal amount or also known as the original amount of your loan.
Here Is Where The Loan Repayment Calculator Excel Comes In.
The loan repayment calculator excel can calculate how much your monthly payments will be with a formula that looks like this:
=PMT(rate, nper, pv)
Wherein rate is the column in the loan repayment calculator excel where you input the rate of interest per year in percent form and is divided by 12.
Wherein nper is the column in the loan repayment calculator excel where you input the number of months to pay off the loan.
Wherein pv is the column in the loan repayment calculator excel where you input the original amount of the loan.
There are some types of loan repayment calculator excel that can even provide you with an amortization table.
The loan repayment calculator excel provides you with a repayment schedule through the use of its so called functions. Through the repayment schedule you will notice and learn the importance of paying every month on your loan. Through time, you will see that the portion of your monthly payments gets higher in the principal payment amount. As this happens, the interest payment gets lesser as you pay it off. With the loan repayment calculator excel, you not only get organized but learn new things as well.
The loan repayment calculator excel functions used in making the repayment schedule:
PMT gives us the monthly payments to be made
FV gives us the updated sum total of the loan or investment
IPMT gives us the interest payment made in the interest portion of the loan
NPER gives us time period of the loan
RATE gives us the rate of interest per year
CUMIPMT gives us the amount paid on the interest
CUMPRINC gives us the amount paid on the principal
Using the loan repayment calculator excel has never been this trivial!
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