D
DTOLLEN
Is there a formula in Excel to calculate a loan amount if you give the rate,
payment and term?
payment and term?
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B
Bernard Liengme
Yes, it is the PV function
B
bpeltzer
Check the PV function. You'd set the FV argument to 0, and multiply the
result by -1. Also, be sure to adjust the rate and term to match the
payments (ex: if you are using the MONTHLY payment amount, your rate would be
the annual rate/12 and the term would be the number of years * 12).
--Bruce
result by -1. Also, be sure to adjust the rate and term to match the
payments (ex: if you are using the MONTHLY payment amount, your rate would be
the annual rate/12 and the term would be the number of years * 12).
--Bruce
D
DTOLLEN
Bruce - can you type out a sample formula for me? I think I am missing
something. An example - 30 yr loan, 6.0 rate, 877.01 pmt. On my HP
calculator, I get something in the neighborhood of $146000. Thanks for your
help.
something. An example - 30 yr loan, 6.0 rate, 877.01 pmt. On my HP
calculator, I get something in the neighborhood of $146000. Thanks for your
help.
P
PCLIVE
This is my guess.
=PV(6,30*12,877.01)
=PV(6,30*12,877.01)
DTOLLEN said:Bruce - can you type out a sample formula for me? I think I am missing
something. An example - 30 yr loan, 6.0 rate, 877.01 pmt. On my HP
calculator, I get something in the neighborhood of $146000. Thanks for
your
help.
B
bpeltzer
=-PV(6%/12,30*12,877.01)
DTOLLEN said:Bruce - can you type out a sample formula for me? I think I am missing
something. An example - 30 yr loan, 6.0 rate, 877.01 pmt. On my HP
calculator, I get something in the neighborhood of $146000. Thanks for your
help.