Guest mdhopeful23 Posted June 30, 2004 Report Share Posted June 30, 2004 hi, im trying to calculate my total interest accumulation on a 100k debt over 10 year payback period, and what my montly payments would look like. the problem is, i havent a clue how to calculate interest with excel...i tried, but, ah...i dont think i did it right any spreadsheet wizards out there that can help? Link to comment Share on other sites More sharing options...
Guest Kirsteen Posted June 30, 2004 Report Share Posted June 30, 2004 Hi there, Excel has a bank of functions, most of which come with the program, that may be able to help you. The family of functions that may be of use to you are the "financial functions". When in Excel, do a search for financial functions and you will see a list of them. Having a brief look at the list, one which may help you is the "ISPMT" function, which calculates the amount of interest you will pay during a specific period of time. Generally, when using an Excel function, you can enlist the help of a wizard which will tell you what sort of data you need to enter in each function field to yield the data that interests you. Alternatively, some banks offer online calculators for this sort of thing. Royal Bank used to house these on their web page, although I'm not sure if they do any more. Lastly, if you think you'll be doing a lot of these types of calculations in the future, a financial calculator is a very handy instrument to have. Cheers, Kirsteen Link to comment Share on other sites More sharing options...
Guest Makunouchi Posted July 5, 2004 Report Share Posted July 5, 2004 Hi mdhopeful23, I have no idea about excel, but I like the calculator at Vancity: www.vancity.com/Personal/...alculators Link to comment Share on other sites More sharing options...
Guest mdhopeful23 Posted July 6, 2004 Report Share Posted July 6, 2004 thanks for the link, i like the pretty graphs so as a rough estimate, should i be looking at paying 145,000 over 10 years to pay back a loan of 100,000 for med? so im looking at an additional 45k in interest payments? :eek oh, now im scared.. Link to comment Share on other sites More sharing options...
Guest Ollie Posted July 6, 2004 Report Share Posted July 6, 2004 What did you have the interest set at? It defaults to 8%, but hopefully prime won't go that high. I calculated 100K at 5% over 10 years, and the interest payments are ~ 27K. Still a lot, though! Link to comment Share on other sites More sharing options...
Guest mdhopeful23 Posted July 6, 2004 Report Share Posted July 6, 2004 hi ollie, yes, i did the default 8%. rates could possibly go up this high over 10 years, you never know. another thing i considered is that i wont be making any payments until at least four years into the loan. but then im also not taking out the full 100,000 at year one. ah, the limitations of this calculator are becoming apparent. how does one figure out interest on a loan given over a period of 4 years, when payments onto the principal amount will not be made until these four years are complete (assuming ill start paying during residency, this is a bit of wishful thinking on my part)... Link to comment Share on other sites More sharing options...
Guest Makunouchi Posted July 6, 2004 Report Share Posted July 6, 2004 Whoops, I was only thinking mortgages. Anyhow, there are some links for online calcs here: www.dinkytown.net/ Link to comment Share on other sites More sharing options...
Guest Ian Wong Posted August 7, 2005 Report Share Posted August 7, 2005 Floating back to the top. Ian Link to comment Share on other sites More sharing options...
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