![]() The borrower is usually required to pay the principal of the loan plus interest. The amount of money that is borrowed from the lender is called the principal of the loan. ![]() However, before demonstrating this function, it is important to cover a few fundamental concepts on loans and leases.Ī loan is a contractual agreement in which money is borrowed from a lender and paid back over a specific period of time. This function calculates the payments required for a loan or a lease. One of the functions we will add to the Personal Budget workbook is the PMT function. This section demonstrates Excel functions used to calculate lease payments for a car and to calculate mortgage payments for a house. Notable items that are missing from the Budget Detail worksheet are the payments you might make for a car or a home. In this section, we continue to develop the Personal Budget workbook. Learn how to summarize data in a workbook by using worksheet links to create a summary worksheet.Use the PMT function to calculate monthly lease payments for an automobile. ![]()
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