Why not use the imbedded Excel functions to calculate the Payment amount, the
Priciple and Interest?

Using the follow formulas for your example:
Monthly Loan Payment - =PMT(7.5%/12,4*12,10000,0)
Monthly Priciple Payment - =PPMT(7.5%/12,1,4*12,10000,0)
Monthly Interest Payment - =IPMT(7.5%/12,1,4*12,10000,0)


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Thanks for your help -
Joe Mac


"saziz" wrote:


HI,
I just want to know if I am doing this correct.

I have calculated 7.5% interest on $10,000.00 to be paid in 4 years.
10K times .0075 divided by 12 for months. Which would be 62.50. then
I am adding $200.00 which is going for actual balance payment.
So next month it would be 9,800 times 7.5% divided by 12 months.
Is this correct?
Appreciate your help.
Thank you

Saziz


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saziz
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