How to - Loan Repayment Schedule
I would like to build a spreadsheet as a schedule for loan repayment. Say I want a loan of €5000 payable monthly over 5 years (60 payments) at 5% interest. I know how to use PMT() to get the monthly payment (€94.36).
Now, part of that amount will go towards the loan repayment and part towards the interest. Month after month the repayment part will increase and the interest will decrease. I would like to have 60 rows which show the repayment and interest month by month.
I would also want to have the facility to make extra payments during the month, effecticly paying off the loan early.
I am quite handy with Excel but not so much with finance and related functions. In this respect any pointers, I think, will be enough and I'll moce from there.
Thanks
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