It's been said that you can pay this type of schedule off faster by splitting the payment in half and paying it twice a month (NOT bi-weekly thus resulting in a 13th payment). However, I am having trouble seeing this as the rate is divided by 12 and not 365 or 366 (ie. daily). Is there something I am missing here?
This was great. I am teaching my 16 yo daughter, who just got her first car, what is amortization schedule, and why it is important to understand it. This was perfect example for her to see what extra payments to the principal can do.
if it has not been answered already, three cells have to follow that sequence or pattern; in one cell, lets say put "month 1", in the cell below that, "month 2", and in the cell below month 2, put "month 3". highlight those three cells, THEN drag it to however long the total number of payments are; it should auto populate by then this is assuming Excel 2010 or newer is used; im not sure if it also applies to Excel 2007 or older. hope this helps
This was wonderful! You explained things nice and clearly. I am new to Excel, so while all of this is easy to follow, I just need to learn how to put in the ‘ absolute’ values.
You're very welcome! I sometimes forget to put in those absolute references, too. As soon as a reuse/copy the formula is when I see that something is amiss.
I got a negative number on my final payment. Everything is the same way you did it. I’m not sure what went wrong. And my finance cost came up to be less than the posted finance cost.
Correct. Car loans are a fixed-rate loan--interest is the same for the life of the loan. Most loans are like that, so they're easy to calculate with Excel.
@@jesus-b5w8e fyi.. updated situation… as mu calculation… i did pay extra each month and pay double in some months and it turned out good.. i could reduce the total amount of interest and paid off faster…
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