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#1
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Calculate Term
In Excel I know how to calculate a monthly repayment using PMT but is there
any way I can calculate how long a loan would take to pay off )this is a question I've been asked and I'm not sure whether it can be done or not). I thought maybe goal seek but you can only use that on a cell containing a formula. Any ideas gratefully received. Many thanks Anita |
#2
Posted to microsoft.public.excel.worksheet.functions
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Calculate Term
Anita,
you can use Goal Seek in the following manner: You know the interest rate (say 10%) and the principal (say 1,000). Time to be entered in A1. The following formula in B1: =PMT(10%, A1, 1000) Ask GS to set B1 to the desired amount by changing A1. HTH Kostis Vezerides |
#3
Posted to microsoft.public.excel.worksheet.functions
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Calculate Term
The function you want is NPER.
-- Regards, Fred "Anita" wrote in message ... In Excel I know how to calculate a monthly repayment using PMT but is there any way I can calculate how long a loan would take to pay off )this is a question I've been asked and I'm not sure whether it can be done or not). I thought maybe goal seek but you can only use that on a cell containing a formula. Any ideas gratefully received. Many thanks Anita |
#4
Posted to microsoft.public.excel.worksheet.functions
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Calculate Term
Try this:
Loan 50,000.00 PMT -5,872.98 i 10.00% n 20 < =NPER(B3,B2,B1) Assume the data for for loan start in B1. The formula in B4 that returns the number of periods is shown above. Pieter Vandenberg Anita wrote: : In Excel I know how to calculate a monthly repayment using PMT but is there : any way I can calculate how long a loan would take to pay off )this is a : question I've been asked and I'm not sure whether it can be done or not). : I thought maybe goal seek but you can only use that on a cell containing a : formula. : Any ideas gratefully received. : Many thanks : Anita |
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