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#1
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Reducing balance
Could anyone help me to calculate the monthly payment for the below
details: Loan taken: 43000 interest rate: 4% based on reducing balance years: 7 years tqvm! =). |
#2
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Reducing balance
Why reinvent the wheel?
Use an existing Template thats probably on your computer - Do a search for "Loan Amortization Schedule". " wrote: Could anyone help me to calculate the monthly payment for the below details: Loan taken: 43000 interest rate: 4% based on reducing balance years: 7 years tqvm! =). |
#3
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Reducing balance
On Mar 8, 8:23*pm, wrote:
Could anyone help me to calculate the monthly payment for the below details: Loan taken: 43000 interest rate: 4% based on reducing balance years: 7 years =pmt(4%/12,7*12,-43000,0) That presumes the loan should be reduced to zero after 7 years. If there is a balloon payment, replace zero (last argument) with the balloon payment as a positive number. Caveat: the PMT result should be rounded up (ROUNDUP) to at least the smallest currency unit (cents in the US). Since you did not mention what currency, I did not want to make presumptions. If you do round up PMT, the last payment is likely to be less than normal. That last payment amount can be computed by: =fv(4%/12,7*12-1,pmt,-43000)*(1+4%/12) where "pmt" is the rounded-up monthly payment. That formula should rounded or rounded up, depending on the lender's policy. |
#4
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Reducing balance
A2=loan
B2=rate C2=year Then monthly payment =(A2*B2*C2+A2)/(12*C2) Hope this helps€¦. Chris ------ Convert your Excel spreadsheet into online calculator. http://www.spreadsheetconverter.com -- Message posted via OfficeKB.com http://www.officekb.com/Uwe/Forums.a...excel/200903/1 |
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