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excel formula to calculate monthly payment with interest. For example if you have a 2 percent monthly interest rate intend to pay 500 a month and owe 5000 you can call NPER 2 -500 5000 to determine how many months it will take to pay down the loan. For example you can use IPMT to get the interest amount of a payment for the first period the last period or any period in between.
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In the Cell F6 please type below formula and press the Enter key. Enter the interest payment formula. For example you can use IPMT to get the interest amount of a payment for the first period the last period or any period in between.
In the example shown the formula in C10 is.
Keep the formula cell F6 selected and drag its AutoFill handle down to the cells you will apply this formula. For example if you have a 2 percent monthly interest rate intend to pay 500 a month and owe 5000 you can call NPER 2 -500 5000 to determine how many months it will take to pay down the loan. To get the total number of payment periods we multiply it by 12. In this example you can apply the IPMT function to calculate the interest payment per month easily.
