![]() ![]() ![]() We need to construct a monthly Simple Interest Loan Calculator Payment Schedule for these conditions using an Excel formula. In the following data set, we have a bank loan of $30,000 taken at a 10% annual simple interest rate for 2 years. Therefore, all of the interest would be paid at the end of year 5, if we pay $62.5 interest per month.ĥ Steps to Create Simple Interest Loan Calculator with Payment Schedule Now, to calculate the Monthly Payable Interest we can use the following formula.įor the previous example, the Monthly Payable Interest would be: Therefore, the total amount of interest that should be paid is $1500 in 5 years. I = Simple Interest (Total Interest to be Paid)įor example, a 5-year loan for $5000 with an annual interest of 15% will be as follows: ![]() The arithmetic formula to calculate the Simple Interest Loan is as follows: Simple Interest Loan Calculator Payment Schedule.xlsxĪrithmetic Formula to Calculate Simple Interest LoanĪ Simple Interest Loan is one where we calculate the interest by multiplying the initial borrowed amount which is the Principal (p), Rate of Interest (r), and Time (n). ![]()
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