openoffice calculate remaining payments of loan

OPENOFFICE CALCULATE REMAINING PAYMENTS OF LOAN HOW TO
OPENOFFICE CALCULATE REMAINING PAYMENTS OF LOAN FREE

Separate portions of each payment apply to the principal and interest. Amortization refers to the process of paying off a loan with a fixed repayment schedule in regular installments. Understanding AmortizationĪmortization is something you will most often encounter with a mortgage or car loan. If your loan has compound interest, you will need to calculate the interest rate for each year of the loan to determine the total interest for the life of the loan.

If you take out a $1,000 loan with 10% interest, you're paying $100 in interest, making the total loan $1,1000. Multiply the interest rate by the amount of the loan to see how much interest you're paying and add this to the balance to understand the total sum of the loan. For this, you need to understand the interest rate on the loan. Knowing the principal balance of your loan won't tell you how much you actually owe. You can't determine future balances since the rate will fluctuate over the life of the loan. Calculating the balance for this type of loan is more difficult. If, however, you have an adjustable rate mortgage, the payments will change over time.

For most loans, the payments are the same each month. The first two pieces of information that you need to calculate the balance on a loan are the principal amount borrowed and your monthly payments. Understanding all the elements that go into a loan will help you understand how you can figure out what's left. The easiest option is usually to use an online calculator, but even this requires a lot of information. It's not always easy to determine the remaining balance on a loan.

OPENOFFICE CALCULATE REMAINING PAYMENTS OF LOAN HOW TO

How to Figure the Remaining Balance Due on a Loan Number of monthly payments you've already made:

OPENOFFICE CALCULATE REMAINING PAYMENTS OF LOAN FREE

Loan DetailsĪnnual interest rate (APR %): GET A FREE QUOTE For each row, press FILL DOWN and new month-by-month balances will be generated. You can then go in, month-by-month, and alter specific payments as you see fit.

Click on “Create Loan Balance Calculator,” and a new calculator will appear below. From the pull-down menus, choose a month and year for the first payment you made, and then indicate how many months have passed since the first payment. This calculator will help you determine the balance of a loan when payments have been different than the negotiated terms.įirst enter the original principal amount borrowed, the annual interest rate, the original loan term in months, and a dollar amount for the original monthly payment. In fact, you may choose to pay more than required. When paying on a loan, your payment amount may not always match the payment amount specified in the original loan terms.

Openoffice calculate remaining payments of loan