Hi Folks
Does anyone know an excel formula for working out the principal component of a basic term home loan. The interest component starting piont is easy but because the loan amount reduces with every principal repayment I am having to guess the starting piont so I can match the term on the spread sheet.
I have seen mathmatical formulas for doing this but they are too complex for my poor brain to absorb
An Excel formula would solve my frustration.
Kind regards
Simon
Does anyone know an excel formula for working out the principal component of a basic term home loan. The interest component starting piont is easy but because the loan amount reduces with every principal repayment I am having to guess the starting piont so I can match the term on the spread sheet.
I have seen mathmatical formulas for doing this but they are too complex for my poor brain to absorb
An Excel formula would solve my frustration.
Kind regards
Simon