Car loan Emi calculator in ExcelWhat Is EMI on a Car Loan?
Considerations for Loan Interest Rates
Car Loan Calculator Uses in an Excel Sheet
Easy Steps for Using an Excel Sheet Car Loan CalculatorThe following dataset will be used to create an Excel car loan calculator. 1. Since the loan is being taken out for six months, we will compute the six instalments in a table. 2. Since you made no instalment payments in the first month, your Principal will stay the same. Thus, cell A8 type: = E5
3. Then press the Enter key. The PMT & ABS functions will now be used to compute the EMI. Because the result is negative, the PMT function interprets it as an outgoing payment. We, therefore, made it positive by using the ABS function. 4. Enter the subsequent formula in cell C10: =ABS(PMT($E$6/12,$E$7-B10,A10))
5. The first instalment can be obtained by using the Enter key. The interest on the first instalment will now be determined. We'll apply the following formula to that: Monthly interest = Interest rate / 12 ? Amount
6. Press the Enter key after entering the following formula in cell E10. =$E$6/12*A10
After determining the interest, it is possible to compute the Principal in the first instalment. Just deduct the interest of the matching EMI to complete the calculation. 7. The formula that we will employ in cell D10 is =C10-B10
8. For result, press the Enter key. The principle that is left over will vary for the second payment. 9. The following formula should be entered in cell A11 to calculate it. = A10-D10
10. Press the Enter key. 11. Drag on the Fill Handle icon to duplicate the formula for the additional cells. 12. Use the Fill Handle tool to also fill the Interest, Principal, and EMI columns. The data for the six payments will then be shown to you, as seen in the image below. Let's now use the SUM function to determine how much interest you will pay overall. 13. In cell E17, enter the following formula to achieve that: =SUM(E10:E15)
14. Press the Enter key to see the result. 15. Lastly, it would help if you used the following formula to combine the Principal and interest to get the entire sum. = E5+E17
16. To complete, click the Enter button. Important Information About Car Loan EMI
Ways to Reduce Interest on Car Loans
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