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Of course, that assumes a fixed-rate loan. There are several common methods: (a) divide the annual rate by the payment frequency (b) the annual rate is the periodic rate compounded by the payment frequency and (c) the Canadian method (sigh), which applies only to mortgages, IIRC. If it is an annual rate, you need to tell us how to convert to a periodic rate. Ideally, express a periodic interest rate for the payment frequency (e.g. That would be current remaining balance, current payment, payment frequency, remaining number of payments, current interest rate, and any final balance (if not zero). To that end, we would need to know the following.ġ. You say that want to "reduce the amount owed". Perhaps you can find an online calculator to determine the results.Īttach the Excel file to your response that expands on your explanation. Enter example input data and where possible, enter example results that you calculate or estimate manually. It would be best for you to mock up a worksheet with the input data and the results laid out the way you want. It is still unclear (to me) what you want to input, and what you want to change. ``I am looking for some type of worksheet that you can input the date, amount of payment that would calculate interest and principle and reduce the amount owed``

`` I want to make a worksheet to insert date, payment amount, interest and principle totals, balance``