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2 Calculate payment for a loan
3 Using PMT function to determine loan payment amount
4
5 Loan amount $20,000
6 Interest rate 1.0%
7 Term (months) 60
8 Formulas:
9 Monthly payment $342 =PMT(C6/12,C7,-C5)
10 Principal + interest $20,507 =C9*C7
11 Total interest paid $507 =C10-C5
12
13 Estimate mortgage payment
14 Using PMT function to estimate mortgage payment
15
16 Loan amount $270,000
17 Interest rate 2.8%
18 Term (months) 360
19 Home insurance $83
20 Property tax (per month) $500
21 HOA fee (per month) $50
22 Formulas:
23 Monthly payment $1,736 =PMT(C17/12,C18,-C16)+SUM(C19:C21)
24 Principal + interest $624,810 =C23*C18
25 Total interest paid $354,810 =C24-C16