Excel Formula - Please Help!

lauralla

Hope someone can help me!

I need a formula to work out the following:

To take a loan amount (£2487.86) and add on the monthly interest (1.24%) and then subtract the monthly payment (£65).
This would then give me the next month's figure, for which I can use the formula again.

I have sort of done it, but its complex, and I'm sure there is an easy way, but my brain is not co-operating at the moment!

southernscouser

lauralla wrote: »

I'm sure there is an easy way, but my brain is not co-operating at the moment!

Yeah me too! :whistle:

:rotfl:

Try this hun. Just put in your loan amount, APR, payment etc and it should give you a rough idea!

The only downfall is I don't know whether your loan interest is front loaded or if the snowball works it out like that! :undecided

ZTD

lauralla wrote: »

Hope someone can help me!

I need a formula to work out the following:

To take a loan amount (£2487.86) and add on the monthly interest (1.24%) and then subtract the monthly payment (£65).
This would then give me the next month's figure, for which I can use the formula again.

I have sort of done it, but its complex, and I'm sure there is an easy way, but my brain is not co-operating at the moment!

It's been such a long time since I used excel but Ammort rings a bell. You may have to enable it as a "plug-in".

brainfreeze

I think a simple formula would be

=(A1*B1)+A1-C1

where A1 is the loan amount (£2487.86), B1 is monthly interest at 1.24% and C1 is the monthly payment of £65.

For the example given it returns an answer of £2,453.71

HTH

lauralla

Thank you all so much! Brainfreeze, your formula is just what I wanted - nice and simple, and it works!!

Thanks again, you've made life much easier for me!