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How do I compute compounded interest on a spreadsheet? |
I keep track of my personal finances in Excel, specifically my debt (credit cards, student loans, and mortgage). I know my balance due and interest rate for each, and want to compute how long it will take me to pay off each item including compounded interest. I actually cannot assist with the formula on the spreadsheet, but what I do is just calculate it on http://partners.leadfusion.com/tools/mot... -- then I add it to my spreadsheet. I update it once every few months as I'm able to pay more on debt or whatever. usually to calculate compound interest, you would: I do the same thing on a principal worksheet at home. Lets say I take $3000 and invest it annually at say 8%... ill start with one cell at $3000 (ex. cell A1), the one below it would read ((A2+3000)*1.08). After that i just click and drag the cell down to get what I would get annually. Good Luck! |
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