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Please can someone help me. I'm trying to create an amortization schedule for a loan with a daily compound interest and monthly repayment. When I use IPMT and PPMT the payments do not add up to the calculate monthly payment when I used PMT. I'm not too good on Excel to be honest. To calculate the monthly payment I used the following formula:-
=PMT(9%/365,365/12,0,-1)-1,12*10,-4000),2)
This is for a £4000.00 loan at 9% interest compounded daily with a monthly repayment over 10 years. I'm not 100% this is correct but it works out the same as an online calculator.
Can anyone advise me that
1. my calculation for PMT is correct
2. Based on the information above, what would be my formula for IPMT and PPMT
I cannot use an online calculator as I have to create this table to be able to change any of the variables for a number of loans
Many thanks
Karen
=PMT(9%/365,365/12,0,-1)-1,12*10,-4000),2)
This is for a £4000.00 loan at 9% interest compounded daily with a monthly repayment over 10 years. I'm not 100% this is correct but it works out the same as an online calculator.
Can anyone advise me that
1. my calculation for PMT is correct
2. Based on the information above, what would be my formula for IPMT and PPMT
I cannot use an online calculator as I have to create this table to be able to change any of the variables for a number of loans
Many thanks
Karen