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#1
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PMT function?
Excel XP. I want to modify the PMT function or find another function that
will allow me to see the results of a constant payment with a fixed interest rate (what the PMT function does) but what the effect would be of adding an additional $100.00 per month to the normal payment. For example, over the period of a 5 year loan, how many fewer payments than the 60 would the additional $100.00 per month achieve? -- ray |
#2
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PMT function?
"Goal Seek" Perhaps. It's in the Tools menu
"rayteach" wrote: Excel XP. I want to modify the PMT function or find another function that will allow me to see the results of a constant payment with a fixed interest rate (what the PMT function does) but what the effect would be of adding an additional $100.00 per month to the normal payment. For example, over the period of a 5 year loan, how many fewer payments than the 60 would the additional $100.00 per month achieve? -- ray |
#3
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PMT function?
Look at the NPER function. It returns the number of periods for an investment based on periodic, constant payments and a constant interest rate. -- Jim Cone San Francisco, USA http://www.realezsites.com/bus/primitivesoftware (Excel Add-ins - download the free trial of the "Calculate Payment" add-in) "rayteach" wrote in message Excel XP. I want to modify the PMT function or find another function that will allow me to see the results of a constant payment with a fixed interest rate (what the PMT function does) but what the effect would be of adding an additional $100.00 per month to the normal payment. For example, over the period of a 5 year loan, how many fewer payments than the 60 would the additional $100.00 per month achieve? -- ray |
#4
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PMT function?
Thank you for your response but I don't see how the NPER function goes beyond
the PMT. I could not see how to make addition payments using the NPER function. Ray -- ray "Jim Cone" wrote: Look at the NPER function. It returns the number of periods for an investment based on periodic, constant payments and a constant interest rate. -- Jim Cone San Francisco, USA http://www.realezsites.com/bus/primitivesoftware (Excel Add-ins - download the free trial of the "Calculate Payment" add-in) "rayteach" wrote in message Excel XP. I want to modify the PMT function or find another function that will allow me to see the results of a constant payment with a fixed interest rate (what the PMT function does) but what the effect would be of adding an additional $100.00 per month to the normal payment. For example, over the period of a 5 year loan, how many fewer payments than the 60 would the additional $100.00 per month achieve? -- ray |
#5
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PMT function?
Thank you for your response but I cannot see how the Goal Seek function
allows me to achieve my desired result. Ray -- ray "rayteach" wrote: Excel XP. I want to modify the PMT function or find another function that will allow me to see the results of a constant payment with a fixed interest rate (what the PMT function does) but what the effect would be of adding an additional $100.00 per month to the normal payment. For example, over the period of a 5 year loan, how many fewer payments than the 60 would the additional $100.00 per month achieve? -- ray |
#6
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PMT function?
1. You know the number of payments required and the $ amount from the PMT function. 2. Add $100 to that payment and use the NPER function to determine the new number of payments required. 3. Subtract number of payments in #2 from number of payments in #1. '-- Sample data using PMT function... Loan: $25,000 Interest rate: 6.00 % Term: 5 years Payments per year: 12 Number of payments: 60 Payment at end of period. Payment: $483.32 Total payments: $28,999 -- Sample data using NPER function... Loan: $25,000 Interest rate: 6.00 % Term: 4 years Payments per year: 12 Number of payments: 48.4 '<<<<<Result Payment at end of period. Payment: $583.32 '<<<<<$100 more Total payments: $28,206 '-- Jim Cone San Francisco, USA http://www.realezsites.com/bus/primitivesoftware (I used the Calculate Payments Excel add-in) "rayteach" wrote in message Thank you for your response but I don't see how the NPER function goes beyond the PMT. I could not see how to make addition payments using the NPER function. Ray -- ray "Jim Cone" wrote: Look at the NPER function. It returns the number of periods for an investment based on periodic, constant payments and a constant interest rate. -- Jim Cone San Francisco, USA http://www.realezsites.com/bus/primitivesoftware (Excel Add-ins - download the free trial of the "Calculate Payment" add-in) "rayteach" wrote in message Excel XP. I want to modify the PMT function or find another function that will allow me to see the results of a constant payment with a fixed interest rate (what the PMT function does) but what the effect would be of adding an additional $100.00 per month to the normal payment. For example, over the period of a 5 year loan, how many fewer payments than the 60 would the additional $100.00 per month achieve? -- ray |
#7
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PMT function?
Thank you so much. It is the perfect solution once you lay it out so nicely
for me. Thanks again. -- ray "Jim Cone" wrote: 1. You know the number of payments required and the $ amount from the PMT function. 2. Add $100 to that payment and use the NPER function to determine the new number of payments required. 3. Subtract number of payments in #2 from number of payments in #1. '-- Sample data using PMT function... Loan: $25,000 Interest rate: 6.00 % Term: 5 years Payments per year: 12 Number of payments: 60 Payment at end of period. Payment: $483.32 Total payments: $28,999 -- Sample data using NPER function... Loan: $25,000 Interest rate: 6.00 % Term: 4 years Payments per year: 12 Number of payments: 48.4 '<<<<<Result Payment at end of period. Payment: $583.32 '<<<<<$100 more Total payments: $28,206 '-- Jim Cone San Francisco, USA http://www.realezsites.com/bus/primitivesoftware (I used the Calculate Payments Excel add-in) "rayteach" wrote in message Thank you for your response but I don't see how the NPER function goes beyond the PMT. I could not see how to make addition payments using the NPER function. Ray -- ray "Jim Cone" wrote: Look at the NPER function. It returns the number of periods for an investment based on periodic, constant payments and a constant interest rate. -- Jim Cone San Francisco, USA http://www.realezsites.com/bus/primitivesoftware (Excel Add-ins - download the free trial of the "Calculate Payment" add-in) "rayteach" wrote in message Excel XP. I want to modify the PMT function or find another function that will allow me to see the results of a constant payment with a fixed interest rate (what the PMT function does) but what the effect would be of adding an additional $100.00 per month to the normal payment. For example, over the period of a 5 year loan, how many fewer payments than the 60 would the additional $100.00 per month achieve? -- ray |
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