Number of payments remaining

[Erik]

I need a formula to calculate the number of payments remaining on a loan
based on constant interest, constant payments and a known balance. I am
trying to use the NPER function but it doesn't give the right answer if I
change the interest rate. How many payments do I have left on $16,000, with
5% interest, and $250 a month payment?

 

[Ron Rosenfeld]

I need a formula to calculate the number of payments remaining on a loan
based on constant interest, constant payments and a known balance. I am
trying to use the NPER function but it doesn't give the right answer if I
change the interest rate. How many payments do I have left on $16,000, with
5% interest, and $250 a month payment?

74.59215279

Or 74 Payments plus a balloon of about $147.55

Formula:

=NPER(0.05/12,250,-16000)




--ron

 

[Erik]

Thanks, that worked great, I wasn't putting the negative infront of the
balance number which gave me a differnt number and changing it to a negative
after the fact messed it up worse. Thanks for your help, worked great.

 

[Ron Rosenfeld]

Thanks, that worked great, I wasn't putting the negative infront of the
balance number which gave me a differnt number and changing it to a negative
after the fact messed it up worse. Thanks for your help, worked great.

Changing it to a negative "after the fact" shouldn't have messed things up. I
would have those values (250, 16000, 5%) in separate cells, and refer to them
that way.

But glad to help and thanks for the feedback. It is important with Excel's
financial functions to use the signs appropriately.
--ron

 

[stewie]

I hope you're still here, because I needed help with the same equation.
However, I need to know how to get the dollar amount that is left on the
loan. I need to keep a running total of the balance I owe on $9016.88.
$261.08/mo. w/11.08333 mo. left @ 17.95% APR