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Function to solve for Loan amount from rate and payment w/out using goal seek.

  1. #1
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    Function to solve for Loan amount from rate and payment w/out using goal seek.

    I have a column of payments and another of corresponding interest rates, I need to solve for Loan amount. Do you know of a formula I can use? I don't want to use goal seek.

    Thanks.

  2. #2
    MoneyMaker
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    Re: Function to solve for Loan amount from rate and payment w/out using goal seek.

    You would need to know the length of the loan (number of interest payments) to be able to find the loan amount. And what are the terms of the loan, is it based on 30/360 day count or the regular Actual/Actual day count

  3. #3
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    Re: Function to solve for Loan amount from rate and payment w/out using goal seek.

    30 fixed term loan. 30/360 will be fine.
    for example:
    Pmt = 918.12
    Rate = 3.62% annual
    Nper = 360 monthly payments
    PV = ???

    Thanks

  4. #4
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    Re: Function to solve for Loan amount from rate and payment w/out using goal seek.

    never mind, I just figured it out answering your question

    thanks again.

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