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08/21/2009 at 10:37AM PDT, ID: 24672079
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6.3

non-recurrent loan balance formula needed

Asked by JIEXA in Microsoft Excel Spreadsheet Software

Tags: amortization, formula

I'm stuck with trying to find out what is the annuity scheduled balance of any period *without recurrent formula* that uses previous payment data. (Yes, I know that this way it won't be exact, but it's OK with me.)

The data is:
Annual interest rate is R, and it's relative part (R/12) is used every month for a annuity payment. The loan was taken for S dollars for N*12 months.
The loan was payed M (which is less than N) periods.
What is the balance B (the one that could be payed to the bank without a fee or fine, if agreed at advance).

I'd like to get the answer in MS Excel or Google spreadsheet functions' terms, if it's possible.

P.S. The question is a part of comparison of private car leasing deal vs getting a bank load and selling the car after certain period.
[+][-]08/21/09 11:57 AM, ID: 25154729

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[+][-]08/21/09 12:02 PM, ID: 25154780

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About this solution

Zone: Microsoft Excel Spreadsheet Software
Tags: amortization, formula
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Solution Provided By: Michael2009
Participating Experts: 1
Solution Grade: B
 
 
[+][-]08/21/09 11:45 PM, ID: 25157631

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