Help with Excel Financial Function

  Durko 10:32 16 May 2005
Locked

Help with this excel financial query would be appreciated.I'm not sure of the NPER, PMT, FV, format stuff!

If I know I will have a debt of £13,872 after 3 years study,

Assuming an constant interest rate of 5%,

And I make a payment every month for 3 years,

How much would I need to save each month to meet the debt?

If anyone could assist with the correct function I'd be very grateful.

  pj123 11:44 16 May 2005

Can't help you with the function I'm afraid, but if you have MS Works there is a ready made Loan Analysis spreadsheet. I just tried it based on your figures. All the formula's are IF Statements rather than Functions though.

I could email you the IF statements but you would need to change the cell references to your own?

The results I got were (if it is any good to you):

Monthly payments 415.76
Total number of payments 36
Yearly principal + interest 4,989.08
Principal amount 13,872.00
Finance charges 1,095.23
Total cost 14,967.23

  VoG II 13:04 16 May 2005

click here should help.

  Durko 13:29 16 May 2005

Thanks VOG and PJ123. Assistance greatly appreciated.

  Cesar 09:25 19 May 2005

see my Previous Posting: click here

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