CUMIPMT


Joined
Mar 5, 2019
Messages
1
Reaction score
1
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
 

Attachments

Last edited:

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Similar Threads


Top