length of loan formaula
Posted by Anthony Perl on June 17, 2001 9:16 PM
If you know how much money you are borrowing and at what annual rate the interest is and how much you will be repaying monthly - how do you caculate (what excel 97 formula do you use) the time it will take you to pay off the loan?
Eg If I borrow $100 000 at 7% pa and repay $800 a month - how long will it take me to pay off the loan? - What formula in Excel 97 do you use to calculate this?
Posted by Rich Baxter on June 18, 2001 3:27 AM
You use the PMT formula which works a treat! Follow the example in the Excel Help (just search for PMT) and you will see how it works.
It the only time I found PMT a relief!
Posted by ScottR on June 18, 2001 8:33 AM
Try this:
=NPER(7%/12,-800,100000)
