Hello there,
Have a look at the PMT function in the helps files.
It give you examples of exactly what you are looking for.
Hope this helps
Judith
-----Original Message-----
I'm trying to prove how fast a mortgage can be payed off
by applying
the next months principle payment to the current months
payment. I
need help writing the formula. I have found many
calculators that
will give your payment and such but I just cant figure
out how to
write it.
Here is what I want to do.
$100,000 loan at 6.00% interest for 360 months
I want to be able to show her how much the payment will
be. How much
of each payment will be interest, and principle. Then
show her in a
formula if we were to apply next month principle, how
much the payment
will be and how fast the loan will be payed off.
This is all I have been able to figure out...
Cell B2 = [=B1*((1+0.06/360)^30)-C2]
B1=Loan Amount
C2=Payment (have to guess at the payment)
Thanks for any help given!!
DC
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