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#1
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PMT function
In order to calculate monthly repayment on a mortgage for a house, I use =
PMT(Interest rate, Repayment periods ,Cost of House). I'd like to work backwards and start with a known monthly repayment, interest rate and repayment period, and from there, calculate the cost of house that it will buy. I would be grateful if somebody could post a reply. Thank you |
#2
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One way:
=PV(rate, per, -pmt) So for a total payment of $1,000 and an annual rate of 6% for a 30 year mortgage: =PV(6%/12, 12*30, -1000) = $166,791.61 In article , Ben wrote: In order to calculate monthly repayment on a mortgage for a house, I use = PMT(Interest rate, Repayment periods ,Cost of House). I'd like to work backwards and start with a known monthly repayment, interest rate and repayment period, and from there, calculate the cost of house that it will buy. I would be grateful if somebody could post a reply. Thank you |
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