![]() Keep in mind that there may be other fees in addition to standard loan payment (principal+interest), such as insurance, taxes, etc.įor example, with a $250 monthly payment, if you got a 5-year loan with a 6% interest rate, the loan amount is calculated to be $12,931.39. Use this option when you know how much you can afford to pay each month and want to find out how large of a loan you might get. ![]() Option B: Solve for the Loan Amount using PV() The total interest paid over the life of the loan is calculated to be $3,034.15. For example, a 5-year, $15,000 loan at 7.5% interest results in a monthly payment of $300.57. Use this option when you know how much you need to borrow and want to find out how the interest rate or term affects your payment. Option A: Solve for the Loan Payment using PMT() If you entered your current balance in the Loan Amount, then for the Term enter the number of years you have left until your loan is paid off. Auto loans are usually between 2 and 5 years.
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