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calculate loan term for excel 2003
Is there a formula to calculate the term in months without using a termplete?
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#2
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calculate loan term for excel 2003
Look in Help for the NPER() function
-- Kind regards, Niek Otten Microsoft MVP - Excel "CHARI" wrote in message ... Is there a formula to calculate the term in months without using a termplete? |
#3
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calculate loan term for excel 2003
"CHARI" wrote:
Is there a formula to calculate the term in months without using a termplete? Well, the simple answer is: use NPER(). But that comes with lots of caveats. it would be helpful to know what data you have and why you are trying to compute the loan term in months. Consider a loan of $10,000 at 5% with monthly payments of $450. Ostensibly, you would compute the number of months with: =nper(5%/12,450,-10000) Two things to note: (a) the "rate" argument is __monthly__ rate; and (b) the "pmt" and "pv" arguments must have opposite signs (one negative, one positive). But note that with those numbers, NPER returns about 23.37, not an integer number of months. Ostensibly, you might use INT, ROUNDUP, or ROUND to compute the integral number of months. But which you should use depends on lender policy. And in either case, it is likely to change the amount of the last payment. |
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