Mac Works:Calculating Principal Paid/Owed and Interest Paid/Owed

PSS ID Number: Q102144 Article last modified on 10-22-1998

3.0 4.0

MACINTOSH

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The information in this article applies to:

- == Microsoft Works for the Macintosh, version 3.0 and 4.0 ==

# SUMMARY

This article discusses Works formulas for calculating:

- The amount of principal still owed after “x” number of periods
- The amount of principal paid after “x” number of periods
- The amount of interest paid after “x” number of periods
- The amount of interest still owed after “x” number of periods

# MORE INFORMATION

## Amount of Principal Still Owed After “X” Number of Periods

To calculate the amount of the principal remaining on a loan after “x” number of periods, use the function FV (future value) as follows

=FV(rate,x,pmt,pv)

where “rate” is the rate per period, “x” is the number of periods that have been paid, “pmt” is the amount of the payments, and “pv” is the amount of the loan.

## Amount of Principal Paid After “X” Number of Periods

To calculate the amount of principal already paid on a loan after “x” number of months, use the following formula

=-pv-FV(rate,x,pmt,pv)

where “pv” is the amount of the loan (a negative number) and the variables for the FV function are the same as above.

## Amount of Interest Paid After “X” Number of Periods

To calculate the amount of interest paid after “x” number of periods, use the following formula

=pmt*x+pv+FV(rate,x,pmt,pv)

where all variables are as previously described.

## Amount of Interest Still Owed After “X” Number of Periods

To calculate the amount of interest still owed, use the following formula

=PMT*(nper-x)-FV(rate,x,pmt,pv)

where “nper” is the total number of periods for the loan, “pmt” is the amount of the payments, “pv” is the amount of the loan, and interest paid is the amount calculated from the previous example.

Note: It is assumed for all financial functions that the present value (PV) of a loan is a negative number.

# Additional query words: 3.00 mac mwksss m_eXcel

Version : 3.0 4.0 Platform : MACINTOSH Issue type : kbhowto ============================================================================= Copyright Microsoft Corporation 1998.