For example, a 5% rate would look like this. The easiest way to do that is to enter the interest rate as a decimal divided by 12. Since we’re going to calculate the monthly payment, we want the monthly interest rate. Then, we’re going to enter three numbers in the parenthesis. In this case, we’re going to use the Payment function, which is abbreviated as PMT. In the function box, type the equal sign (=) and the function. That’s actually what I’ve used to take these screenshots.) Just open up a spreadsheet in Drive and the functions are all the same. (By the way, if you don’t have Excel, you can do this same thing for free in Google Drive. In Excel, you’ll see at the top, above all the cells, the function bar. But, frankly, I prefer to use Excel because it’s super easy and you can quickly change the interest rate, loan amount or length of the loan to see how the monthly payment will change. There are of course online calculators that you can use to find the monthly payment.
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