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Author: admin | Category: Lease Car Calculator | Date: 09.12.2014

It is recommended that you have done our previous Part 1 lesson, (at the link below), before attempting this lesson.
Tahli borrows $2000 to buy a new TV at 18.5% pa Simple Interest charged 6 monthly, to be paid back over 2 years. This means the first thing we have to do is calculate how many dollars there are in one lot of six monthly interest. Now that we know what the Interest is every 6 months, all we need to do is work out how many lots of six months there are in the loan term of 2 years. We can then multiply out and calculate the Total Interest to be paid over the loan as shown below. Alexandra borrows $20 000 to set up a Beautician business at 16% pa Simple Interest charged Quarterly, to be paid back over 5 years and 3 months. The next step is to now multiply out the Quarterly Interest over the full term of the Loan. Finally we calculate the Total Cost of the Loan by adding together the Total Interest plus the original Loan Amount.
Joyce Deposits $2 000 into an Internet Saver Account that gives her 5.4% pa Interest paid Monthly. It is much better to have a Bank Account which calculates Interest based on the Daily Balance in the account. Calculating Daily Interest that is paid at the end of each month is a bit more complicated as shown in the example below. The first step is to add a “Number of Days” Column onto our table, and work out how many days the account was at each of the balances.
Once we have our Days column worked out, we can calculate the I = PRT interest for each of the balances, and then add them up to get the total interest for the month. Although not covered in this lesson, Compound Interest is the most powerful way of getting money to grow in value.
With Compound Interest, the Interest money is left in the account to also earn extra ongoing interest.
Unlike Simple Interest where the interest money is paid out at the end of each accumulation. If you would like to submit an idea for an article, or be a guest writer on our blog, then please email us at the hotmail address shown in the right hand side bar of this page. Each day Passy’s World provides hundreds of people with mathematics lessons free of charge. This entry was posted in Math in the Real World, Percentages and tagged calculating simple interest, financial mathematics, how to do simple interest, Interest, loan math, Money Maths, simple interest, simple interest calculations, simple interest equation, simple interest examples, simple interest find rate, simple interest find time, simple interest formula, simple interest lesson, simple interest loans, simple interest math lesson, simple interest mathematics, simple interest powerpoint, working out simple interest. Enter your email address and click the button to subscribe to Passy's World of Mathematics. Linking to UsFeel free to link to any of our Lessons, share them on social networking sites, or use them on Learning Management Systems in Schools.
Some loan calculations can be very simple, and the purpose of the simple loan calculator spreadsheet below is to demonstrate this with Excel.
This loan calculator uses the PMT, PV, RATE, and NPER formulas to calculate the Payment, Loan Amount, Annual Interest, or Term Length for a fixed-rate loan. Annual Interest Rate: This calculator assumes a fixed interest rate, and the interest is compounded each period. Payment (Per Period): This is the amount that is paid each period, including both principal and interest (PI). Use this option when you know how much you need to borrow and want to find out how the interest rate or term affects your payment. Use this option when you know how much you can afford to pay each month and want to find out how large of a loan you might get.


For example, with a $250 monthly payment, if you got a 5-year loan with a 6% interest rate, the loan amount is calculated to be $12,931.39.
It isn't as common to solve for the interest rate because you may not have any control over what your interest rate can be (other than shopping around for the best one). Amortization Schedule - Create a loan amortization schedule and make arbitrary extra payments. Disclaimer: This loan calculator and the information on this page is for illustrative and educational purposes only.
An amortization schedule is a list of payments for a mortgage or loan, which shows how each payment is applied to both the principal amount and the interest. This spreadsheet-based calculator creates an amortization schedule for a fixed-rate loan, with optional extra payments. Start by entering the total loan amount, the annual interest rate, the number of years required to repay the loan, and how frequently the payments must be made.
The payment frequency can be annual, semi-annual, quarterly, bi-monthly, monthly, bi-weekly, or weekly.
The Commercial Version allows you to use this spreadsheet in your loan or financial advisory business. The header includes a place for the borrower's name and your company info: View Screenshot. The Vertex42 logo and copyright are outside the print area so that they don't show up when you print the schedule.
This spreadsheet provides a more advanced way to track actual payments than the Payment Schedule included in the standard Loan Amortization Schedule. Usually, the interest rate that you enter into an amortization calculator is the nominal annual rate.
Basic amortization calculators usually assume that the payment frequency matches the compounding period. Some loans in the UK use an annual interest accrual period (annual compounding) where a monthly payment is calculated by dividing the annual payment by 12. There are two scenarios in which you could end up with negative amortization in this spreadsheet (interest being added to the balance). A loan payment schedule usually shows all payments and interest rounded to the nearest cent.
When an amortization schedule includes rounding, the last payment usually has to be changed to make up the difference and bring the balance to zero. With this template, it is really quite simple to handle arbitrary extra payments (prepayments or additional payments on the principal). If you are on your last payment or the normal payment is greater than (1+rate)*balance, then pay (1+rate)*balance, otherwise make the normal payment. This will type of account will pay far more interest money than a Minimum Monthly Balance account. There will be no processing fee charged to you by this action, as PayPal deducts a fee from your donation before it reaches Passy’s World. You will automatically receive notification of each new lesson by email, as well as access to Free Mathematics PowerPoints and Posters. Email us at the hotmail address shown below with any comments, ideas for articles, or to report any broken links or blank images on our pages. Unlike many of our other mortgage and loan calculators, our Simple Loan Calculator uses just the basic built-in financial formulas to calculate either the payment (using the PMT formula), the interest rate (using the RATE formula), the loan amount (using the PV formula), or the number of payments (using the NPER formula).
Descriptions for each of the fields are provided below, as well as examples for how to use each of the options. You can also enter your current balance, if you also adjust the Term of Loan to be the number of years left to pay off the loan.


Keep in mind that there may be other fees in addition to standard loan payment (principal+interest), such as insurance, taxes, etc. The benefit of this approach is that if you run into hard times, you can stop making the extra payments. The schedule shows the remaining balance still owed after each payment is made, so you know how much you have left to pay. Then you can experiment with other payment scenarios such as making an extra payment or a balloon payment. You can also make multiple copies of the Schedule worksheet within the same workbook, to compare different loans and scenarios.
It can be used to estimate a payment schedule for a Simple Interest Loan or Simple Interest Mortgage, in which the interest accrues daily in a separate interest accrual account. It allows you to create a payment schedule for a fixed-rate loan, with optional extra payments and an optional interest-only period. However, when creating an amortization schedule, it is the interest rate per period that you use in the calculations, labeled rate per period in the above spreadsheet. In that case, the rate per period is simply the nominal annual interest rate divided by the number of periods per year.
The downside is that if you don't have the discipline to make the extra payments, you'll end up paying more interest overall. To create an amortization schedule using Excel, you can use our free amortization calculator which is able to handle the type of rounding required of an official payment schedule.
Make sure to read the related blog article to learn how to pay off your loan earlier and save on interest. When the compound period and payment period are different (as in Canadian mortgages), a more general formula is needed (see my amortization calculation article).
The way to simulate this using our Amortization Schedule is by setting both the compound period and the payment frequency to annual.
The second is if you choose a compound period that is shorter than the payment period (for example, choosing a weekly compound period but making payments monthly).
Changing the Payment Amount makes more sense to me, and is the approach I use in my spreadsheets.
For fixed-rate loans, this reduces the balance and the overall interest, and can help you pay off your loan early. If you entered your current balance in the Loan Amount, then for the Term enter the number of years you have left until your loan is paid off. You can use the free loan amortization schedule for mortgages, auto loans, consumer loans, and business loans. Many loan and amortization calculators, especially those used for academic or illustrative purposes, do not do any rounding. So, depending on how your lender decides to handle the rounding, you may see slight differences between this spreadsheet, your specific payment schedule, or an online loan amortization calculator. But, the normal payment remains the same (except for the last payment required to bring the balance to zero - see below). You may need to change this option if you are trying to match the spreadsheet up with a schedule that you received from your lender.
If you are a small private lender, you can download the commercial version and use it to create a repayment schedule to give to the borrower.
This spreadsheet rounds the monthly payment and the interest payment to the nearest cent, but it also includes an option to turn off the rounding (so that you can quickly compare the calculations to other calculators).



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