#### How to find the inerest pay in 3 years

```Hi all
I would like to know wich formula to use to calculate the interest pai
in a 3 years loan

Principal             : 16808.10
Interest rate      :2.75%
term                   :3 years

I would like to get the "Cost to borrow" in just one step formula
I can calculate the monthly payment , multiply this for 36 months an
take away the principal, but I think  there might be  a way to do thi
directly.
Thanks a lot for your time and attention at this matte

--
Message posted from http://www.ExcelForum.com

```
 0
7/2/2004 5:56:07 PM
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```Use the Analysis Toolpak Addin function CUMIPMT().

In article <3dsets.18s2vh@excelforum-nospam.com>,
3dsets <<3dsets.18s2vh@excelforum-nospam.com>> wrote:

> Hi all
> I would like to know wich formula to use to calculate the interest paid
> in a 3 years loan
>
> Principal             : 16808.10
> Interest rate      :2.75%
> term                   :3 years
>
> I would like to get the "Cost to borrow" in just one step formula
> I can calculate the monthly payment , multiply this for 36 months and
> take away the principal, but I think  there might be  a way to do this
> directly.
> Thanks a lot for your time and attention at this matter
```
 0
jemcgimpsey (6723)
7/2/2004 10:28:28 PM
```Hi 3dsets!

I'll assume that your rate of 2.75% is annual nominal compounded
monthly.

Two approaches

=PMT(2.75%/12,36,16808.1,0,0)*36+16808.1
Returns: -722.107418390045

Uses PMT to calculate the repayments which are multiplied by the
number of payments to find total repayments. If we add back in the
principal, this gives us the interest element.

=CUMIPMT(2.75%/12,36,16808.1,1,36,0)
Returns: -722.107418389427

Uses the Analysis ToolPak function CUMIPMT to calculate interest from
periods 1 to the final period.

Analysis ToolPak needs to be installed and selected as an Addin for
this to work (failing which, you'll get the return of #NAME?).

This is why we might prefer to use the approach you were using rather
than rely on a formula that requires the Analysis ToolPak addin.

--
Regards
Norman Harker MVP (Excel)
Sydney, Australia
njharker@optusnet.com.au
"3dsets >" <<3dsets.18s2vh@excelforum-nospam.com> wrote in message
news:3dsets.18s2vh@excelforum-nospam.com...
> Hi all
> I would like to know wich formula to use to calculate the interest
> paid
> in a 3 years loan
>
> Principal             : 16808.10
> Interest rate      :2.75%
> term                   :3 years
>
> I would like to get the "Cost to borrow" in just one step formula
> I can calculate the monthly payment , multiply this for 36 months
> and
> take away the principal, but I think  there might be  a way to do
> this
> directly.
> Thanks a lot for your time and attention at this matter
>
>
> ---
> Message posted from http://www.ExcelForum.com/
>

```
 0
njharker (1646)
7/3/2004 2:18:54 AM

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