Reducing Balance Loan in Numbers? Important!

Discussion in 'Mac Apps and Mac App Store' started by Sambo110, May 23, 2011.

  1. Sambo110 macrumors 68000

    Joined:
    Mar 12, 2007
    Location:
    Australia
    #1
    I need to work out how long it will take to pay off a loan. $945 is paid off each month, plus interest of 6.95% of how much there is left to pay off in that month. How would I do this in Numbers? Thanks. (question is below).

    "A reducing balance bank housing loan has an outstanding balance of $123 685.45 at the beginning of the year. Instalments of $945 are paid each month and the monthly interest is calculated after each instalment, the current yearly rate being 6.95%."
     
  2. davidg4781 macrumors 68000

    Joined:
    Oct 28, 2006
    Location:
    Alice, TX
    #2
    If I remember from my Finance classes and using Excel, I think you need to actually work out each month. I could be wrong, but I don't remember anything in Excel to help speed that process up.
     

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