Is there a formula to calculate loan payments?
I need to calculate the periodic payment of a amortizing loan with level payments and a constant rate of interest. Is there a formula that I can use in Smartsheet to make this calculation?
Answers

Hi Jimmy,
There is no specific formula for loan payments. However, you can create a simple sheet with basic formulas. Given below link to a published sheet with some basic calculations. The numbers will vary based on the initial loan amount, percentage of interest, and the monthly payment amount.
https://app.smartsheet.com/b/publish?EQBCT=62be43e03e7e4981a4a0ff90721d45c6
Thanks,
Aravind
Associate Director
Copernicus Consulting Pte. Ltd.
P: +65 9230 5657  E: aravind@copernicusworld.com
Feel free to reach out for licenses, services, and training on Smartsheet

@Jimmy Patton if you just want the payments would look something like this formula:
=((Monthly interest rate * Loan Amount) / (1  (1 + Monthly Interest Rate) ^ (Total number of payments)))
For example: $100,000 Loan at 6% interest for 15 years would look like
=(((.06 / 12) * 100000) / (1  (1 + (.06 / 12)) ^ ((15*12))))
If you want a full amortization I suggest a quick look at the Loan Amortization Schedule in the Templates section.
Obviously, the descriptors of "Monthly" and "Years" would more aptly be "Period" & "Term".
I hope this didn't come too late to be useful to you.
Andrew
He who fails to plan is planning to fail.  Winston Churchill
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