Bank Loan in Excel
You have a loan at the bank, and you want to know how much interest you have to pay per month or year.... here how:
So you have asked for $10'000 at the bank and they gave it to you with an interest of 5.5% and to reimburse over 2 years.
How much you are going to pay every month?
You can see here that the function PMT is very useful.
Here under, we will look at what it look like every month.
The payment amount is the MONEY i owe the back at the beginning of the month + the interest over one month (yearly interest divided by 12) + repayment value calculated with the PMT function.
This can be downloaded from here.
Here a small sheet in another format that you can download.
download it from here.