CUMIPMT

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Hi

I have been trying to create a CUMIPMT formula in Excel to calculate the interest in one year on a car loan that has a residual payment

Loan Amount $75,000
Term 3 years
Interest rate 5.25% payable monthly in arrears
Balloon Residual Payment at the end $20,000

With this type of loan, repayments are based on $55,000 ($75,000 less Balloon $20,000) but interest is payable on 75,000 amortising

I have been searching forums and the formula I came up with was:

=-CUMIPMT(K22/12,L22*12,J22,1,12,1)+(M22*K22/12)

But for the 12 months this gives an answer of $3119 whereas the correct answer is $3523

I would be most grateful for any guidance you can provide

Regards


Bruce
 

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