Working out percentage

sparky0107

Can anyone help with working out the percentage of a debt paid off
i.e. starting balance minus repayments.

Thanks

McKneff

Im sure someone will but they will need some figures to work on.:D

TMoose

For amount paid off...

Total Repayments Made / Original Amount * 100

For outstanding amount

Outstanding Balance / Original Amount * 100

Edit : Example - if the original repayable amount was 7458.12 and you've paid 612.50 so far...

612.50 / 7458.12 * 100 = 8.21% paid off
or
6845.62 / 7458.12 * 100 = 91.79% oustanding.

Hope this helps

Moose

sparky0107

TMoose wrote: »

For amount paid off...

Total Repayments Made / Original Amount * 100

For outstanding amount

Outstanding Balance / Original Amount * 100

Edit : Example - if the original repayable amount was 7458.12 and you've paid 612.50 so far...

612.50 / 7458.12 * 100 = 8.21% paid off
or
6845.62 / 7458.12 * 100 = 91.79% oustanding.

Hope this helps

Moose

Thanks Moose you're a star :T

exil

That's not quite right - it ignores interest. You really need to use Excel and use the functions available there. Generally you find that you pay off the loan very slowly at the start as most of the money you pay is interest.

TMoose

exil wrote: »

That's not quite right - it ignores interest. You really need to use Excel and use the functions available there. Generally you find that you pay off the loan very slowly at the start as most of the money you pay is interest.

I was talking in terms of amount payable from the loan documentation, rather than the amount of the loan, which should take into account the interest.

Obviously this is a quick and dirty representation, and does not take into account any over (or under) payments made against the original planned schedule, and indeed I can recommend Excel's Financial functions should a requirement for such complexity arise.