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What are some of the pros and cons to each of the three methods you have used? : What would be another way to calculate
What are some of the pros and cons to each of the three methods you have used?
: What would be another way to calculate total interest rather than merely using =sum(?
Note: not asking about excel function.
Month | Principal | Interest | Payment | Total |
0 | 735.00 | |||
1 | 735.00 | 1.78 | 98.00 | 834.78 |
2 | 834.78 | 2.02 | 98.00 | 934.79 |
3 | 934.79 | 2.26 | 98.00 | 1035.05 |
4 | 1035.05 | 2.50 | 98.00 | 1135.55 |
5 | 1135.55 | 2.74 | 98.00 | 1236.30 |
6 | 1236.30 | 2.99 | 98.00 | 1337.29 |
7 | 1337.29 | 3.23 | 98.00 | 1438.52 |
8 | 1438.52 | 3.48 | 98.00 | 1539.99 |
9 | 1539.99 | 3.72 | 98.00 | 1641.72 |
10 | 1641.72 | 3.97 | 98.00 | 1743.68 |
11 | 1743.68 | 4.21 | 98.00 | 1845.90 |
12 | 1845.90 | 4.46 | 98.00 | 1948.36 |
13 | 1948.36 | 4.71 | 98.00 | 2051.07 |
14 | 2051.07 | 4.96 | 98.00 | 2154.02 |
15 | 2154.02 | 5.21 | 98.00 | 2257.23 |
16 | 2257.23 | 5.45 | 98.00 | 2360.68 |
17 | 2360.68 | 5.70 | 98.00 | 2464.39 |
18 | 2464.39 | 5.96 | 98.00 | 2568.34 |
1 | ||||
Total: | 220.10 | 3528.00 |
Methods | |||
Month #18 | Iterations (Steps) | ||
2568.34 | |||
Month #18 | Formula (Regular Payments) | ||
2568.34 | |||
"=-735(1+0.029/12)^18+98((1+0.029/12)^18-1)/(0.029/12) | |||
Month #18 | Excel Function | ||
2568.34 | |||
"=-FV(D5/D6,B27,D4,D5) |
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