I am struggling with an Excel query. I know if you want to work out the interest rate you can do =PMT(B2,B3,B1)/12 which will tell you the amount payment depending on the current value, the number of payments, the rate. I have seen somewhere a calculation where you can put in your mortgage repayments currently (capital and interest) and by changing the interest rate see what your mortgage payments can be - can anyone help me here?
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Excel Percentage and Interest Rate Question 1
- Thread starter sooze29
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Lilliabeth
Technical User
You are mistaken about the PMT function.
Try this:
Put the APR (Annual interest rate) in A1
Put the Count of Payments (for example, 5 years of monthly payments would be 60) in A2
Put original loan amount in A3
Here is the function:
=PMT(A1/12,A2,-A3)
Simply change the contents of A1
Try this:
Put the APR (Annual interest rate) in A1
Put the Count of Payments (for example, 5 years of monthly payments would be 60) in A2
Put original loan amount in A3
Here is the function:
=PMT(A1/12,A2,-A3)
Simply change the contents of A1
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