Calculating total number of monthly payments in Excel using NPER and PMT?
How to calculate the total number of monthly payments given the amount of loan (5,000), the annual interest rate (4.35%) and the number of years (30)? I'm confused because I'm trying to use the NPER function but it depends on the PMT and the PMT also depends on the NPER, am I missing something here?
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Assuming the rate is 4.35% nominal, compounded monthly, in Excel the formula would be
=PMT(0.003625,360,275000)
resulting in -,368.98
You can also use the mathematical formula here:
www.financeformulas.net/Loan_Payment_Formula.html
So
r = 0.0435/12 = 0.003625
PV = 275000
n = 30*12 = 360
P = r (PV)/(1 - (1 + r)^-n) = 1368.98
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