Finance
Find what is left on a loan
=FV(B1/12,B4,B3,-B2)How it works in Excel
- B1/12 is the monthly rate.
- B4 is the number of payments made.
- B3 is the monthly payment.
- -B2 is the original loan.
- FV is usually used for savings, but the same math tracks a shrinking debt.
The idea in general
It grows the loan with interest, and takes off every payment made so far.
What I assumed
- The rate is in B1, the loan is in B2, the payment is in B3 and the payments made are in B4.
Check the result on your own data before relying on it.