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Need A Formula
I need help on a formula to determine the amount paid as interest on a loan if you pay $200.00 extra each month. Please help, my mind is going blank. -- Stonem248 ------------------------------------------------------------------------ Stonem248's Profile: http://www.excelforum.com/member.php...o&userid=30621 View this thread: http://www.excelforum.com/showthread...hreadid=502751 |
#2
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Need A Formula
"Stonem248" wrote:
I need help on a formula to determine the amount paid as interest on a loan if you pay $200.00 extra each month. I assume you mean, for example, that if you have 15-year loan of $100,000 at 5% compounded monthly, resulting in a monthly payment of $790.79, what would the cumulative interest be if you paid $990.79 per month instead? I do not find an Excel function that would compute that, since CUMIPMT() does take the monthly payment as an argument, as NPER() does :-(. The approximate cumulative interest would be: =990.79*NPER(5%/12, 990.79, -100000) - 100000 That calculates to $30,021.86. In an annuity table, the actual cumulative interest is $30,022.22. Close enough for government work, although you might miss Pluto :-). |
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