Most of us will need to take out a loan at some stage, whether it's for buying a house, a car or something else less exciting. Tracking loan repayments is crucial to staying on top of our finances. In this video, I'll show you how to easily create a loan tracker in Excel.
You'll just need to enter the loan amount, the annual interest rate, and the number of payments and Excel will take care of calculating your monthly repayment and the total amount repaid. The tracker also helps you keep an eye on how much you've paid off and what's left, automatically adjusting based on your repayment schedule. Let’s get started on making loan management straightforward and stress-free
For full details see the timestamps below:
⏱ Timestamps
00:00:00 Introduction
00:00:56 Loan Calculator (PMT Function)
00:02:18 Repayment Schedule (M365 Version)
00:06:44 Repayment Schedule (Non-M365 Version)
🗒 Notes and Resources
Download a copy of the file used in this video: app.box.com/s/s64kktn5jdead3f...
The formulas that I used in the demos:
=PMT(B2/12,B3,-B1)
=B3 * B5
=SEQUENCE(B3)
=B5*SEQUENCE(B3)
=B6-B5*SEQUENCE(B3)
=IF(E2="","",$B$5*E2)
=IF(E2="","",$B$6-F2)
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