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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