Computing Cumulative Interest and Principal Paid For a Calendar Year
This paper demonstrates how easy it is use Microsoft Excelâ€™s CUMPRINC and CUMIPMT functions to compute principal and interest paid for an entire year, even though the payments were made monthly. The CUMPRINC function computes the principal paid by a series of loan payments; the CUMIPMT function computes the interest paid. These two functions provide an alternative to preparing a monthly loan amortization schedule and adding up the amounts of monthly interest paid and principal paid for the year.
Volume (Year): 1 (2011)
Issue (Month): 5 (August)
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