2006-12-22 09:20:11 · 4 answers · asked by gamedad4 1 in Business & Finance ➔ Personal Finance
What is a step by step formula?
2006-12-22 10:24:09 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You can calculate a loan payment in Excel using the PMT function.
For example to calculate the payment on a 30-year loan of $100,000 at 6% use this formula:
=PMT(0.06/12,360,100000)
.06/12 is the monthly rate
360 is the number of payments
100000 is the amount of the loan
2006-12-22 15:14:43 · answer #2 · answered by frugernity 6 · 0⤊ 0⤋
This is available almost anywhere. It is an amortization. You can find one at cnn.com and lind to the money section. It is too difficult to explain without the use of a computer.
2006-12-22 10:58:07 · answer #3 · answered by Nelson_DeVon 7 · 0⤊ 0⤋
go to bankrate.com.....they have lots of fun little calculators
2006-12-22 11:08:50 · answer #4 · answered by Paula M 5 · 0⤊ 0⤋