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formula to calculate monthly payment in excel. Type PMT and click on the cell with 700 so B1 appears after the left parentheses. Type 12 including the comma.
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Rate Interest rate B2 Nper Periods B3 Pv balance B1 You dont need to enter anything for Fv or Type 5. Using Excel formulas to figure out payments and savings Figure out the monthly payments to pay off a credit card debt. For example you can use PPMT to get the principal amount of a payment for the first period the last period or any period in between.
Currently from there select the Rate Nper as well as Pmt as determined above.
This doesnt give you the compounded interest which generally gets lower as the amount you pay decreases. As an example you could enter PMT 00426025000 to calculate the payment on a 25000 loan for five years with a 042 percent monthly interest rate. Figure out monthly mortgage payments. Rate Interest rate B2 Nper Periods B3 Pv balance B1 You dont need to enter anything for Fv or Type 5.
