The "$" makes sure that when the cell is copied and pasted for future payment periods in the following steps, Excel will continue to use the amount in cell B4 as the monthly payment.Įnter "=ROUND(B1*B$2/1200,2)" in cell B7 to calculate the interest portion of the first month's payment. In this example, Excel would display $135.42.Įnter "=A7-B7" in cell C7 to calculate the principal portion of the payment. In this example, Excel would display $148.45.Įnter "=B1-C7" in cell D7 to calculate the new balance of the loan. In cell B8, enter "=ROUND(D7*B$2/1200,2)" and in cell D8 enter "=D7-C8" to calculate the values for the second payment period.Ĭontinuing the example, Excel would display $24,851.55.Ĭopy and paste the values from A7 and C7 to A8 and C8.
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