Fortnightly loan repayment
This example shows how to calculate fortnightly loan repayments, using an Excel PMT function
Example: Fortnightly loan repayment
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=-PMT(C5/C7,C6*C7,C4)
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This formula uses the Excel PMT function to calculate fortnightly loan repayments for a $100,000 loan at 5.00% interest rate with a period of 10 years. Given we are calculating the fortnightly loan repayments, cell C7 captures the number of fortnights per annum.
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EXPLANATION
This example shows how to calculate fortnightly loan repayments. The formula uses the an Excel PMT function.
This example shows how to calculate fortnightly loan repayments. The formula uses the an Excel PMT function.
FORMULA
=-PMT(interest_rate/fortnights_per_year,years*fortnights_per_year,loan_amount)
=-PMT(interest_rate/fortnights_per_year,years*fortnights_per_year,loan_amount)
ARGUMENTS
interest_rate: Interest rate.
fortnights_per_year: The number of fortnights per annum.
years: The number of years of the loan.
loan_amount: The loan amount.
interest_rate: Interest rate.
fortnights_per_year: The number of fortnights per annum.
years: The number of years of the loan.
loan_amount: The loan amount.
APPLICATION
The fortnightly loan repayment calculation that is shown in this example can be applied to a financial environment. Financial institutions and debt holders such as Banks and individuals with the debt can apply this example if they want to calculate the fortnightly loan repayments.
The fortnightly loan repayment calculation that is shown in this example can be applied to a financial environment. Financial institutions and debt holders such as Banks and individuals with the debt can apply this example if they want to calculate the fortnightly loan repayments.