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Figure out the monthly payments to pay off a credit card debt. Assume that the balance due is $5,400 at a 17% annual interest rate. Nothing else will be purchased on the card while the debt is being paid off. Using the function PMT (rate,NPER,PV) =PMT (17%/12,2*12,5400) the result is a monthly payment of $266.99 to pay the debt off in two years.
Use the XLOOKUP function to find things in a table or range by row. For example, look up the price of an automotive part by the part number, or find an employee name based on their employee ID.
How to use the PMT function in Excel to calculate monthly loan payments based on constant payments and a constant interest rate.
You know how much money you want, how long you want to take to pay off the loan, and how much you can afford to pay each month. You can use Goal Seek to determine what interest rate you will need to secure in order to meet your loan goal.
Utilities, credit cards, and insurance are billed monthly, so the easiest way to keep an eye on expenses is to determine how much you spend on a monthly basis.
Returns the payment on the principal for a given period for an investment based on periodic, constant payments and a constant interest rate. Syntax. PPMT(rate, per, nper, pv, [fv], [type])
Description. Returns the cumulative interest paid on a loan between start_period and end_period. Syntax. CUMIPMT (rate, nper, pv, start_period, end_period, type) The CUMIPMT function syntax has the following arguments: Rate Required. The interest rate. Nper Required. The total number of payment periods. Pv Required. The present value.
Calculates the interest paid (or received) for the specified period of a loan (or investment) with even principal payments. Syntax. ISPMT(rate, per, nper, pv) The ISPMT function syntax has the following arguments:
Replace a formula with its result. You can convert the contents of a cell that contains a formula so that the calculated value replaces the formula. If you want to freeze only part of a formula, you can replace only the part you don't want to recalculate.
A two-variable data table can show how different combinations of interest rates and loan terms will affect a monthly mortgage payment. In the figure here, cell C2 contains the payment formula, =PMT(B3/12,B4,-B5), which uses two input cells, B3 and B4.
The NPER function syntax has the following arguments: Rate Required. The interest rate per period. Pmt Required. 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. Pv Required.