We are going to subtract the Total Interest Paid of the 24th Month (cell C36) from the Total Interest To be Paid (cell C7). We will also use Conditional Formatting for cell C9 here. In this step, we are going to check whether our Total Interest Paid from the Payment Schedule matches the value we got from Step 1 (anchor) or not. Step 5: Checking the Figures in the Simple Interest Loan Calculator in Excel Now, drag the Fill Handle up to the end of the 24th Month to obtain the rest of the data.Ĭongratulations! You have successfully created a simple interest loan calculator payment schedule in Excel.Here, cells D12 and D13 represent the Total Interest Paid for the months 0 and 1 respectively. We can use the below formula in cell C13.Else replace it with the sum of the previous 2 cells in column D. The logic for the IF function is: if the cell in column B is blank, we have passed our Loan Period. So, we are going to use the IF function again. We have to do this up to the end of our Loan Period. To calculate the Cumulative Total Interest Paid, we need to sum the present month’s payment with the amount of interest paid up to this month. Step 4: Calculating Cumulative Total Interest Paid
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