The effective/APR/nominal distinction is a whole other thread, so take note here, also.ī5 "TotPer" -> insert formula =Years*PayPerYr The interest rate is the nominal/stated interest rate per year. The principal balance is a positive amount and the payments are shown as negative amounts (very important to note this!). I do not yet have a nice solution for you, but I do have a kludgy workaround. I’ve had no luck – it seems to be stuck on just calculating based on the next payment “period.” Any tips or samples would be appreciated.Īlso, this is my first post, and I just wanted to say what a great resource this site & boards are!!
Also important for short months like February.)Ĭan I set up Excel to take into account the actual date received in determining the appropriate interest/principal ratio? (i.e. (So if your payment is early, more goes to principal – if it’s late, more goes to interest. This is important for things like student loans, where your interest/principal portions of the payment vary by the actual DATE the payment is posted because the interest is calculated daily. I am trying to create a table that takes into account the actual DATE a payment is received, as opposed to just the next “period” in calculating balance remaining. I have collected an created (well, mostly collected) various Excel amortization tables to track loan payments.
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