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#1
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I need to create a formula for total interest?
I need to create a payment function to display a positive number and a
formula for the total interest. It's 5% rate, time 3, loan 12,000. Also how do I do status? what lookup funtion? |
#2
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I need to create a formula for total interest?
Look in the help index for INT and other financial functions.
-- Don Guillett SalesAid Software "ms kitty" <ms wrote in message ... I need to create a payment function to display a positive number and a formula for the total interest. It's 5% rate, time 3, loan 12,000. Also how do I do status? what lookup funtion? |
#3
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I need to create a formula for total interest?
I meant FV (future value)
FV See Also Returns the future value of an investment based on periodic, constant payments and a constant interest rate. Syntax FV(rate,nper,pmt,pv,type) For a more complete description of the arguments in FV and for more information on annuity functions, see PV. Rate is the interest rate per period. Nper is the total number of payment periods in an annuity. Pmt is the payment made each period; it cannot change over the life of the annuity. Typically, pmt contains principal and interest but no other fees or taxes. If pmt is omitted, you must include the pv argument. Pv is the present value, or the lump-sum amount that a series of future payments is worth right now. If pv is omitted, it is assumed to be 0 (zero), and you must include the pmt argument. Type is the number 0 or 1 and indicates when payments are due. If type is omitted, it is assumed to be 0. -- Don Guillett SalesAid Software "Don Guillett" wrote in message ... Look in the help index for INT and other financial functions. -- Don Guillett SalesAid Software "ms kitty" <ms wrote in message ... I need to create a payment function to display a positive number and a formula for the total interest. It's 5% rate, time 3, loan 12,000. Also how do I do status? what lookup funtion? |
#4
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I need to create a formula for total interest?
On Feb 11, 9:40 am, ms kitty <ms
wrote: I need to create a payment function to display a positive number and a formula for the total interest. It's 5% rate, time 3, loan 12,000. You have omitted some details. Does "time 3" mean 3 years? And what is the payment frequency: monthly? And what jurisdiction: US (non- Canadian)? With those assumptions, the following approximates total interest: =3*12*pmt(5%/12, 3*12, -12000) - 12000 I say "approximate" because the devil is in the details. First, PMT(...) should be rounded, at least to the smallest coin of the realm (cents in the US); but really, it is however the lender chooses to round, which is arbitrary. Consequently, the final payment is usually different, which alters the amount of interest accrued in the last period. PS: The formula above is the same result that -ICUMPMT(...) gives. Also how do I do status? what lookup funtion? What is "status"? |
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