alexaronson
Active Member
- Joined
- Sep 30, 2005
- Messages
- 314
Hello,
I am trying to use the function NPER to calculate the number of payments it would take to eliminate some debt using a few constants.
In the NPER formula, I have the following
RATE = 12%/12 (12% APR, 12 months in a year)
PMT = 60
Pv = 3000
Fv = 0
The results of the formula = -40.7
However, when evaluating it by creating an amortization table, the number of periods requires 70 months to pay the debt off. The way I created the amortization table is by taking:
Debt = A1
Rate = B1
Payment = C1
Cell A2 = A1+A1*B$1$/12-C$1$
Cell A3 = A2+A2*B$1$/12-C$1$
Cell A3 is copied down to A4, A5, A6, A7, and so forth until the last cell has a starting balance of 0 or negative.
Is my amortization table correct, or is NPER populated wrong?
Thanks for any help you can give me.
Alex in Memphis, TN
I am trying to use the function NPER to calculate the number of payments it would take to eliminate some debt using a few constants.
In the NPER formula, I have the following
RATE = 12%/12 (12% APR, 12 months in a year)
PMT = 60
Pv = 3000
Fv = 0
The results of the formula = -40.7
However, when evaluating it by creating an amortization table, the number of periods requires 70 months to pay the debt off. The way I created the amortization table is by taking:
Debt = A1
Rate = B1
Payment = C1
Cell A2 = A1+A1*B$1$/12-C$1$
Cell A3 = A2+A2*B$1$/12-C$1$
Cell A3 is copied down to A4, A5, A6, A7, and so forth until the last cell has a starting balance of 0 or negative.
Is my amortization table correct, or is NPER populated wrong?
Thanks for any help you can give me.
Alex in Memphis, TN