Mortages Repayment

[Cynthia A via OfficeKB.com]

Need help!! I have this data: purchase price (loan), years to repay and
interest rate. I have to find the total interest repaid for each combination
of years to repay and the interest rate. What funtion do I have to use?

Thanks

 

[Fred Smith]

The steps involved are:

1. Use PMT to calculate the payment.
2. Multiply the payment by the term to get the total amount paid over the life
of the mortgage
3. Subtract the purchase price from this total to get the amount of interest
paid.

You can combine all these in one function:
=CUMIPMT(Rate,Term,PurchasePrice,1,Term)