![]() I added a minus sign before the present value variable, so the monthly payment is shown as a positive number. The payment amount is calculated with the PMT function: ![]() The Lists sheet has a lookup table of frequencies and number of payments.īased on the frequency that you select, a number of payments per year is calculated in cell E5, using a VLOOKUP formula. Type in any cell, except Payment Frequency, where you can select from a drop down list of options. Of course, if you are the Bank of Dad, you might offer a lower interest rate, so you can adjust any, or all, or the green cells. ![]() It uses the PMT function to calculate the payment amount, and you can enter the variables: (The kids will think you’re cool when you say “nifty”.) (Oh yes, they will stick to the plan, without fail.) To help you figure out the payment amounts, here is a nifty Excel loan payment calculator. Can you afford that new car? Or maybe you loaned money to one of your kids, and you want to calculate a repayment schedule.
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