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Excel In Depth - Loan Payments: Episode 1233

414 views · Published 30 August 2010 · 2:54 · Indexed 6 October 2026

Channel: MrExcel.com · 2010 · Education

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Microsoft Excel Tutorial: Discovering New Functions: Creating a Loan Payment Calculator in Excel | MrExcel Podcast.

Welcome to the MrExcel Podcast. In this episode, we will be diving into Chapter 13 of Excel In Depth, where we will be discussing how to discover new functions. Specifically, we will be creating a loan payment calculator using Excel.

Have you ever been stuck trying to figure out which function to use for a specific task? Well, fear not, because Excel has a handy feature to help you out. Just look to the left of the formula bar and you will see a small script letter "fx". This is also available on the Formulas tab and in various drop-down menus throughout Excel. Simply click on it and type in what you are trying to figure out, in this case, a loan payment. Excel will then narrow down the 400+ functions to just the ones related to loan payments.

The first function on the list is "PMT", which calculates the payment for a loan based on constant payments and a constant interest rate. This is the one we want, so we click "OK" and Excel takes us through a step-by-step process to input the necessary information. The top three arguments are required for the function to work, while the other two are optional. We enter the interest rate per period, the total number of payments, and the present value (price of the car). Excel even shows us the intermediate result for the interest rate calculation.

Once we have entered all the necessary information, we get our loan payment amount. And the best part is, we can easily do "what-if analysis" by changing the term, price of the car, or interest rate. This is just one example of how Excel can make complex calculations and analysis a breeze. Thank you for tuning in to this episode of the MrExcel Podcast. Be sure to join us next time for more tips and tricks to excel in your Excel skills.

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Table of Contents:
(00:00) Loan Payments
(00:20) Example from Chapter 13 - Discovering new functions
(00:30) Creating a loan payment calculator
(00:40) Using the "fx" function to find the right formula
(01:02) Step-by-step guide to using the "PMT" function
(01:18) Required and optional arguments for the function
(02:18) What-if analysis and conclusion
(02:44) Clicking Like really helps the algorithm

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Use Excel 2010 to calculate your next car payment or loan payment; Episode #1233 shows the steps.

...This episode is the video podcast companion to the book, "Excel 2010 In Depth", by Bill Jelen a.k.a. MrExcel.

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