hi everyone. I have gotten help in the past from this site and I hope you can be just as helpful again. I have a document that You all created but I am wondering if you can add another formula to it. I want to be able to auto calculate payoff date every time I enter in a pmnt amount. and adjust automatically if I make extra pmnts.
any help is greatly appreciated.car%20loan.xlsx
greg,
Is there any interest involved here, or is this an interest-free loan? If it isn't, you'll have to take the interest % into account. And payoff date - based on what? Are payments made at a specified interval, and if so, what is it? Can you tell us, as things stand, when the loan is due to be repaid?
Brendan.
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To calculate the balance due on a car loan you must know the interest rate. You cannot simply subtract the total of payments from the amount of the loan.
Even if we made this problem as simple as you have presented it, we would have to know the weekly payment that you would want to use to project the payoff date. Most of the payments are $100 but not all. If we ignore that this is a loan with interest, and assume that payments are $50, the payoff date is
=7*$A$2/50+MAX($B$5:$B$163)
A2 is the outstanding balance, so divide by 50 to get the number of payments remaining (assuming $50 payments).
Multiply by 7 to get the number of days.
Add the number of days to the date of the most recent payment.
Last edited by 6StringJazzer; 12-17-2012 at 10:48 AM. Reason: pmts are 50 not 100
sorry, There is no intrest on this loan i am buying it off of an individual that is being VERY kind as to not to charge interest.
and I pay 200/per month 100 every 2 weeks.
up until the total is paid
greg, is it 200/per month (200 * 12 = 2400 per year) or 100 every 2 weeks (100 * 26 = 2600 per year)?Originally Posted by gregcarter304
this is how my wife and I pay. I get paid on thursdays and she gets paid on fridays. so we pay $50 on thursday and $50 0n friday for a total of $100 every 2 weeks. hope that is what you were asking
every paycheck basically
Did you try my formula in post #3 above? That is the correct answer based on your other information.
i am sorry, but I am very new to the excel world. I am trying to learn but am very quickly being overwhelmed by everything.
Is there anyway you can put that formula in the document I attached for me.
It is 50 pmnt every 2 weeks
See attached.
thanks..works like a charm
You might want to double-check your figures & expected/estimated payoff date, as you keep moving the goalposts - you've gone from 200/per month 100 every 2 weeks in Post 4 to 100 every 2 weeks in Post 6 to 50 pmnt every 2 weeks in Post 9, which all give different annual figures, and therefore all affect the payoff date.
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