I have the following formula for Quattro Pro for calculating the outstanding balance of a $40,000 fifteen year loan with an interest rate of 3.19. I want to determine the balance after 10 years.
@AMRPRN(40000,(3.19/12)/100,180,120)
The correct result is 15,504.
I am trying to convert the formula for Excell. I have tried to do the following:
=CUMPR_ADD(3.19/12)/100;180:40000;1;120;1)
I get a result of -8400
I dont quite understand using the next to last two factors in the formula. I am trying to say this a 180 month (15 year) loan and I want to know the principle balance after 120 months (10 years.
I normall do not work with excel so I am not familar with its formulas. I would appreciate any assistance.
Hi Marvwade,
I always just do a table in Excel to see how it comes out. See my example.
One test is worth a thousand opinions.
Click the * below to say thanks.
Hi,
The equivalent is
=IPMT(3.19%/12,121,180,-40000,,0)/(3.19%/12)
The last '0' term in the first set of parentheses indicates payment is made at the end of each month, so after 10 years of payments the period number is 121 not 120.
Regards
Richard Buttrey
If this was useful then please rate it appropriately.
Click the small star iconat the bottom left of my post.
There are currently 1 users browsing this thread. (0 members and 1 guests)
Posting Permissions
Reply With Quote
Bookmarks