use excel to calculate student loan repayment

More accurate is compound way, but because of a more simple calculation is using more sinple.

The difference in small amounts and low interest rate is not high. The calculation will be made to compound and the sinple (proportional) method. In this way, you will come to that loan that suits you best. You can choose a variety of annuities, different interest rates and different repayment periods. From these data you can calculate how much loan could you get? YES. You have data on the amount of monthly installment, the interest rate and the loan repayment period. Find out what kind of the interest rate is possible to get for a loan in the bank. You know what kind of income you have converted in your obligation and figure out how much of the loan could you still be repaid. All you have to do in enter the payment amounts as you make payments, and Excel should do the rest.You are often in a dilemma of how much money you can lend.

Then just configure your formulas for each loan, and drag the formulas down every new month. If you have the APRs, you can just divide by 12 for the monthly rate. $X$1) or be part of a lookup to use the Column Name to find it. You could have a reference table for the APRs of your loans:Īnd then the 'interestRate' variable in my formula above could either just reference the static field (e.g. =(loanStartingAmount * interestRate) - loanPayment So Row 2 of this sheet would have the following for Loan 1: Since your loans have a static interest rate at present, you just need to hard code the starting balance, and then reference your monthly payments with the relevant interest rate in the calculation. Should be a straight forward calculation. They are identifiable with a special user flair.Ī community since MaAsking a question? Describe if you are using Excel (include version and operating system!), Google Sheets, or another spreadsheet application. Occasionally Microsoft developers will post or comment. Recent ClippyPoint Milestones !Ĭongratulations and thank you to these contributors Date Include a screenshot, use the tableit website, or use the ExcelToReddit converter (courtesy of u/tirlibibi17) to present your data. NOTE: For VBA, you can select code in your VBA window, press Tab, then copy and paste that into your post or comment. To keep Reddit from mangling your formulas and other code, display it using inline-code or put it in a code-block This will award the user a ClippyPoint and change the post's flair to solved. OPs can (and should) reply to any solutions with: Solution Verified

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Use excel to calculate student loan repayment