A
Alpcom
High all ... help needed here.
Okay the below formula gives me the monthly payment of a 10K loan wit
a 60 month term and a 6.9% interest rate.
=PMT(0.069/12,60,10000*-1)
Loan Amount Term Rate Monthly Payment
$10,000.00 60 6.90% $197.54
What I need and can't figure out (been playing with it for too lon
now) is the formula to calculate the reverse ... I want to input th
"monthly payment", the "term", and the "rate" and be given the "loa
amount", (amount that can be borrowed)
I have just drawn a complete blank on how to do it now
Thanks in advance
Kevi
Okay the below formula gives me the monthly payment of a 10K loan wit
a 60 month term and a 6.9% interest rate.
=PMT(0.069/12,60,10000*-1)
Loan Amount Term Rate Monthly Payment
$10,000.00 60 6.90% $197.54
What I need and can't figure out (been playing with it for too lon
now) is the formula to calculate the reverse ... I want to input th
"monthly payment", the "term", and the "rate" and be given the "loa
amount", (amount that can be borrowed)
I have just drawn a complete blank on how to do it now
Thanks in advance
Kevi