CUMPRINC workaround for Excel users without feature installed?

[Keith]

Our company has developed an investment calculator in Excel that we want to
distribute to our dealerships and their customers. We built the calculator
using the CUMPRINC in some cells.

The basic install of Excel (at least Excel 2000) does not include the
CUMPRINC function. The Analysis Tool Pak add-in would have to be installed
by our users. Our dealerships and customers are not very computer literate
and I would like to know someway that I can arrive at the value computed
using the CUMPRINC without using the CUMPRINC function.

For example, I would like to know the remaining principal balance at the
end of year 3 on a 5 year loan for a piece of equipment with an original cost
$36,000, 10% annual interest rate, four payments per year.

Any ideas about what type of formula can be used in a cell that will give
all Excel users the correct output. (The error message on computers without
the CUMPRINC add-in is #NAME?

 

[Fred Smith]

FV will give you the remaining portion of a loan, as in:

=fv(10%/4,3*4,-pmt,36000)

If you don't want to store the payment separately, the composite formula would
be:

=fv(10%/4,3*4,pmt(10%/4,5*4,36000),36000)

 

[Keith]

Fred - Thanks so much.

FV will give you the remaining portion of a loan, as in:

=fv(10%/4,3*4,-pmt,36000)

If you don't want to store the payment separately, the composite formula would
be:

=fv(10%/4,3*4,pmt(10%/4,5*4,36000),36000)