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Need formula for cumulative interest with additional monthly princ
I am trying to determine the amount of interest paid over a period of time on
a loan. I know how to use the cumipmt formula but I would like to be able to add in extra monthly payments. For example, say my mortgage payment is $500 per month and I have committed myself to adding an extra $100 each month to pay it off faster. How would I determine the total interest paid from the start of the loan to a certain period. |
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