Hi, can anyone tell me which fonction should I use to calculate a loan of
100,000$ with an interest Rate of =5.15% (0.4291) for 25 years (300) and pmt
= -593.36.

Question: after 12 payments How much do I still own the bank? The answers is
$97982.46 by using my calculator but I don't know which fonction do I need to
use in Microsoft Excel .

Could anyone help Me!

Regards

Lutrinh

Look at the PMT function, it will explain how to use, to get what you owe the
bank, look into the PV and FV of the function.
--
-John
Please rate when your question is answered to help us and others know what
is helpful.


"Lutrinh" wrote:

Hi, can anyone tell me which fonction should I use to calculate a loan of
100,000$ with an interest Rate of =5.15% (0.4291) for 25 years (300) and pmt
= -593.36.

Question: after 12 payments How much do I still own the bank? The answers is
$97982.46 by using my calculator but I don't know which fonction do I need to
use in Microsoft Excel .

Could anyone help Me!

Regards

Lutrinh

On Mon, 18 Dec 2006 17:50:00 -0800, Lutrinh
wrote:

Hi, can anyone tell me which fonction should I use to calculate a loan of
100,000$ with an interest Rate of =5.15% (0.4291) for 25 years (300) and pmt
= -593.36.

Question: after 12 payments How much do I still own the bank? The answers is
$97982.46 by using my calculator but I don't know which fonction do I need to
use in Microsoft Excel .

Could anyone help Me!

Regards

Lutrinh


=Loan+CUMPRINC(Rate/12,Term*12,Loan,1,12,0)



--ron

Lutrinh wrote:
Hi, can anyone tell me which fonction should I use to calculate a loan of
100,000$ with an interest Rate of =5.15% (0.4291) for 25 years (300) and pmt
= -593.36.
Question: after 12 payments How much do I still own the bank? The answers is
$97982.46 by using my calculator but I don't know which fonction do I need to
use in Microsoft Excel .

Ostensibly:

=fv(5.15%/12, 12, 593.36, -100000)

But that evaluates to 97982.50 instead of 97982.46. A small
difference; but it might be instructive to understand the reason.

It appears that you might have used the exact payment amount, which in
Excel is computed by:

=pmt(5.15%/12, 300, -100000)

That evaluates to 593.3626 (rounded). Substituting:

=fv(5.15%/12, 12, pmt(5.15%/12, 300, -100000), -100000)

evaluates to 97982.4681 (rounded). I would round that to 97982.47; but
you might have truncated or rounded down to 97982.46.

Since the payment is "real money", I think it is more correct to use
the actual currency amount, namely 593.36 -- or whatever payment amount
the bank chooses arbitrarily.

Caveat: Your estimate might never exactly match a bank's amortization
schedule because there are a number of ways of dealing with "rounding
error" and because some lenders compound interest on a daily basis
between payments. Over 300 months, the difference can be sizable.

Question: after 12 payments How much do I still own the bank? The answers
is
$97982.46 by using my calculator..

=CUMPRINC(5.15%/12,300,100000,1,12,0)

Hi. The total principal paid down from months 1 to 12 is the equation
above. Subtract this from your loan to calculate the remaining balance.

--
HTH :)
Dana DeLouis
Windows XP & Office 2003


"Lutrinh" wrote in message
...
Hi, can anyone tell me which fonction should I use to calculate a loan of
100,000$ with an interest Rate of =5.15% (0.4291) for 25 years (300) and
pmt
= -593.36.

Question: after 12 payments How much do I still own the bank? The answers
is
$97982.46 by using my calculator but I don't know which fonction do I need
to
use in Microsoft Excel .

Could anyone help Me!

Regards

Lutrinh

John, Ron, Joeu2004 and Dana, Thank you for responding to my question. I try
each and every equation, they all worked perfectly. Thanks especially
joeu2004 for spending your time explaining in detail

" wrote:

Lutrinh wrote:
Hi, can anyone tell me which fonction should I use to calculate a loan of
100,000$ with an interest Rate of =5.15% (0.4291) for 25 years (300) and pmt
= -593.36.
Question: after 12 payments How much do I still own the bank? The answers is
$97982.46 by using my calculator but I don't know which fonction do I need to
use in Microsoft Excel .

Ostensibly:

=fv(5.15%/12, 12, 593.36, -100000)

But that evaluates to 97982.50 instead of 97982.46. A small
difference; but it might be instructive to understand the reason.

It appears that you might have used the exact payment amount, which in
Excel is computed by:

=pmt(5.15%/12, 300, -100000)

That evaluates to 593.3626 (rounded). Substituting:

=fv(5.15%/12, 12, pmt(5.15%/12, 300, -100000), -100000)

evaluates to 97982.4681 (rounded). I would round that to 97982.47; but
you might have truncated or rounded down to 97982.46.

Since the payment is "real money", I think it is more correct to use
the actual currency amount, namely 593.36 -- or whatever payment amount
the bank chooses arbitrarily.

Caveat: Your estimate might never exactly match a bank's amortization
schedule because there are a number of ways of dealing with "rounding
error" and because some lenders compound interest on a daily basis
between payments. Over 300 months, the difference can be sizable.