Adding up a loan

[Joel]

I have just taken out a loan and have now created my own spreadsheet to show
me how long I have got to pay it off.

I have 7 columns that show each of the years that it will take me to pay my
loan off. I have 12 rows showing the months of the year


Under each year and next to each month there is the amout I pay.

At the top I have to figures one shows How much I have left to pay. I want
the other to show how much I have paid so far.

So each time I set one of the amounts to zero I want it to add that amount
of to the amount I have paid off

Please help thanks

 

[Donna]

Hi Joel,

Select a cell and type in the total amount of your loan or you can use the
AutoSum button and select all your payments, then copy this cell and go to
Edit, Paste Special, Values.

Select the cell where you want the unpaid balance to be and use the AutoSum
button again, selecting all your payments.

Select the cell where you want the amount paid to be and subtract the unpaid
balance you calculated above from the total amount of loan you calculated
above.

Hope this helps!

 

[Fred Smith]

You'd be much better off to put all your data in 84 rows rather than a 7x12
table. This is a standard amortization table. Then just add a column which
calculates how much you've paid so far, which is always going to be original
loan amount less current outstanding balance.

Regards,
Fred.