Calculate maturity date on loan
Hi, I'm a first timer on this forum.
I'm trying to find a function or build a formula that will allow me to calculate the maturity date on a loan or at least determine the number of months until the loan pays off. I know the current balance, interest rate and monthly payment. I thought this would be easy, hopefully it is and I'm just missing something. Any help would be appreciated.
If you're hoping to set up an amortization schedule, you will need to know the principle amount as well. You can then calculate the loan term using the NPER formula.
If all you know is the current balance (CB) and the monthly payment (MP), then simply divide: months remaining = CB/MP.
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