So to decrease the interest, decrease your unpaid principal amount. The Car Loan interest amount is calculated based on the unpaid principal amount remaining.If you pre-pay most of your principal amount then you can easily save the car loan interest amount.An increase in the car loan period will increase the interest amount you’ll have to pay throughout your home loan period.You should make a big amount of prepayment of your principal amount to reduce the maximum interest amount.The Principal amount will be less at first during your Car Loan period.The Interest Amount will be high at first during your Car Loan period.In EMI there are 2 parts: Principal amount and Interest Amount.
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Now we’ll calculate the 6 installments in a table as the loan is taken for 6 months.įor the first month, you haven’t paid any installment so your principal will remain the same. To make a car loan calculator in Excel we’ll use the following data.
Simple loan calculator microsoft excel templates how to#
How to Make a Car Loan Calculator in Excel Sheet
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