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trying to check how much is left on a loan after payment
Our take
If you're building a budgeting spreadsheet to manage your monthly expenses, tracking your loans is essential. To determine how much is left on your loan after each payment, you can create a new column that calculates the remaining balance. By using the formula for the number of months left, you can also derive the remaining balance. Consider adjusting your existing formulas to subtract the total payments made from the original loan amount.
So I am building a budgeting excel to track my monthly expenses and whatnot.
Adding in my loans, I figured out how to track how many months are left, but I want to go ahead and add a column for how much is left in the loan.
So for instance, I have the months as =NPER(E7/12, D7,-C7) being:
E7 = interest rate
D7= minimum payment amount
-C7 = Total of loan before payment is made.
How can I convert to say how much is left in the loan as a monetary amount after the payment is made?
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