This is an interesting project that might have you reexamining your use of credit. A Payment calculator is an easy project that will be useful long after you have forgotten this Post. This calculator can be done in just about any spreadsheet without too many changes. The Steps after the break.
- Create an Empty spreadsheet. For this I am going to use numbers. It will not change for most other spreadsheet programs. Click in the cell that will be the top left cell. Type in that cell the contents as you see in the image above.
- The first three cells are the entry cells here you will put information about the loan. In the Example above we are going to enter a formula in cell E2. This is going to be the central formula. For Numbers the pmt functions needs three pieces of information in this order periodic interest, periods, and amount borrowed. the formula will look like this =-PMT(C2/12,D2*12,B2,0,0). Yes, that is a negative sign in front of the PMT. This formula calculates the correct sign for the number, but most people are used to positive numbers for payments. The periodic interest is calculated by dividing the annual interest rate by 12. We multiply the number of years of the loan by 12 to get the total number of payments. The third cell reference is the amount borrowed. In Numbers the lst two numbers can be omitted, or placed. Zeroes do nicely here.
- In cell F2 we entered the formula to figure out how much we are going to be paying over the life of the loan. The formula is going to be = e2*d2*12.
- In cell G2 enter the formula to determine the total cost of the credit. The formula for this cell is =F2-B2.
All you need to do is change the first three cells values to determine the payment, Total cost over the life of the loan, and total cost of the loan. I leave you with the task of making it pretty.
[ad#ad-3]
Related posts:
{ 2 trackbacks }