Calculate repayment and total amount for a loan


With Excel, it is no problem at all to calculate the repayment and the total amount to pay for a loan.

You need to know what the loan, the interest rate and the term are. The calculation then looks like this.

The Excel function to use is: RMZ

Since you calculate the repayment for the month, the percentage must be divided by 12 and the duration must be multiplied by 12, because both values ​​have been given as annual values.

This is the Excel function:

= RMZ (B3 / 12; B4 * 12; B2)

To calculate the total amount to pay, enter the following formula:

= B6 * B4 * 12

For more tips on using Excel, see my Office 2010 tutorial videos.

Here you will find an online loan calculator.

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