Loan Payment Calculator In Excel - Excel Tips and Tricks
Learn how to quickly create a load payment calculator.
=PMT(C5/12,C6*12,C4)
C5/12: This converts the annual interest rate into a monthly interest rate. Since there are 12 months in a year, dividing the annual rate by 12 gives the monthly rate.
C6*12: This calculates the total number of monthly payments over the life of the loan. By multiplying the number of years (C6) by 12, you get the total number of months.
C4: This is the loan amount (or principal).
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