So this may sound more complicated than it is, but I can't figure it out.
I have several loans with different PVs and Interest rates. They all have different minimum payments.
What I would like to do is set them up so that I can enter a value (the total monthly payment) into a cell and it would calculate what my payments would be for each loan, for each month, until the entirety of the loans are paid off.
So for example, let's say I have 5 loans owing $1,000, $2,000, $3,000, $4,000 and $5,000 each. The interest rates are 10%, 9%, 6%, 3% and 6%.
If I want to pay them off in order from highest interest rate to lowest interest rate, and from lowest owed balance to highest owed balance when the interest rates are the same, how can I set them up in a spreadsheet to see my monthly payments for each loan based on a total loan payment of $X?
I have several loans with different PVs and Interest rates. They all have different minimum payments.
What I would like to do is set them up so that I can enter a value (the total monthly payment) into a cell and it would calculate what my payments would be for each loan, for each month, until the entirety of the loans are paid off.
So for example, let's say I have 5 loans owing $1,000, $2,000, $3,000, $4,000 and $5,000 each. The interest rates are 10%, 9%, 6%, 3% and 6%.
If I want to pay them off in order from highest interest rate to lowest interest rate, and from lowest owed balance to highest owed balance when the interest rates are the same, how can I set them up in a spreadsheet to see my monthly payments for each loan based on a total loan payment of $X?