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While the day part of the date would be represented by the whole number, the time part would be represented by the decimal.įor example, 44197.5 would represent 12:00 PM and 44197.25 would represent 09:00 AM Just like dates, even time values are stored as numbers in Excel. You can read more about subtracting dates in Excel here Subtract Time in Excel So you won’t be able to subtract dates with such a format For example, if you use, Excel won’t recognize it as a date and consider it a text string. Note: This formula would only work when you using a date that Excel recognizes as a valid date format. You can easily adjust this and get the values in numbers by going to the Home tab, and select General in the number format drop-down. This sometimes happens when Excel tries to be helpful and pick up the format from the adjacent column. Then, the number of payments is in cell B3 and loan amount in cell B4.There is a possibility that Excel will give you the result in the date format instead of a number as shown above. To get the monthly payment amount for a loan with four percent interest, 48 payments, and an amount of $20,000, you would use this formula:Īs you see here, the interest rate is in cell B2 and we divide that by 12 to obtain the monthly interest. The only required arguments are the first three for interest rate, number of payments, and loan amount. The syntax for the function is PMT(rate, number_payments, loan_amount, future_value, type) Select the cell where you want to calculate the monthly payment this is where you'll insert the PMT (payment) function.

Get the annual interest rate, number of payments you'd like, and total loan amount and enter these into your sheet.

Related: 7 Essential Microsoft Excel Functions for Budgeting To find out in Excel, you simply need the basic loan information and a handy function. Calculate a Loan Payment in Excelįor many people, affording a new car involves knowing what the monthly payment will be. With a few simple functions and your data, you can easily get basic loan calculations in Microsoft Excel.