Excel function for adding extra principle to car loan monthly payment?

Thursday, January 8th, 2009 at 09:27

Manilyn asked:

How do you calculate how many payments you would avoid, and how much interest you would avoid on a car loan, with the help of excel. Basically I'm looking for a formula function, that I can input with term, rate, price, and extra principle. Any help would be greatly appreciated.

Reply:

If you want I can email you the excel sheet with the formulas already calculated

cell A2 - principle amount
cell B2 - APR divided by 12
cell C2 - enter =A2+B2
cell D2 - enter payment amount
cell E2 - enter =C2-D2

cell A3 - enter =E2
copy paste cell B2 down as far as needed in column B
copy paste cell C2 down as far as needed in column C
do the same for column D and E and the rest of A

In column C you can change Propecia buy the monthly amounts that you plan to pay. Scroll down until the amount is negative or zero and that is when you are done paying for the loan. Add up Column C so know how much is going to be paid. If you end up on row 61 that means your term is 60months or 5years.

Finance your car here onsite if you need help buying one of these beauties :)