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Help forgot how to calculate loan payments Help forgot how to calculate loan payments
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Old 02-04-2003, 07:51 PM   #1 (permalink)
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Help forgot how to calculate loan payments
Howdy all,

I forgot the formula to calculate what a monthly payment would be on a loan and a given interest rate. Any help would be appreciated.

-RADAR

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Old 02-04-2003, 07:53 PM   #2 (permalink)
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http://www.msufcu.org/calculators.html

in particular

http://partners.financenter.com/msuf...g/budget05.fcs

or

http://partners.financenter.com/msuf...eng/auto05.fcs
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Old 02-04-2003, 08:18 PM   #3 (permalink)
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excel has a built in function for this which is pretty easy.

they also have some sample templates which do it on a large scale.
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Old 02-04-2003, 08:21 PM   #4 (permalink)
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oops here is the function

PMT
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File Type: jpg pmt.jpg (28.0 KB, 123 views)
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Old 02-04-2003, 08:35 PM   #5 (permalink)
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PMT does not seem to work or I am doing it wrong.

Is this right?

-RADAR
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Old 02-04-2003, 08:45 PM   #6 (permalink)
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using the third link I gave you and the numbers you used in the sample pic. I obtained a monthly payment of $939. That was based on $40,000 over 48 months at 6%
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Old 02-04-2003, 08:56 PM   #7 (permalink)
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Got it, thanks!

-RADAR
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