To calculate the Total interest, you will use the Cumulative Interest formula (=CUMIPMT). The last box would calculate the total interest that we would pay if we don’t pay anything extra or early. The number of early payments will also be determined based on the table below. The Actual number of payments might vary based on the table below. In the box for Scheduled number of payments, multiply the loan period by the payments per year, which will be 24 payments.The Scheduled number of payments box provides an opportunity to understand how many payments it will actually end up being. This formula results in a scheduled payment of $68.49 in order to start paying off this amount. The future value (fv) will eventually be zero.The present value (pv) of the loan is the loan amount. ![]() There are two years multiplied by twelve payments per year.
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