How to calculate the number of months until a loan is paid off (given principal, APR and payment amount)?

How do you calculate monthly payments with APR?

How to calculate your monthly APR

1. Step 1: Find your current APR and current balance in your credit card statement.
2. Step 2: Divide your current APR by 12 (for the twelve months of the year) to find your monthly periodic rate.
3. Step 3: Multiply that number with the amount of your current balance.

How do you calculate monthly principal and interest?

Calculation

1. Divide your interest rate by the number of payments you’ll make that year. …
2. Multiply that number by your remaining loan balance to find out how much you’ll pay in interest that month. …
3. Subtract that interest from your fixed monthly payment to see how much in principal you will pay in the first month.

How do I calculate a loan payment in Excel?

Excel PMT Function

1. Summary. …
2. Get the periodic payment for a loan.
3. loan payment as a number.
4. =PMT (rate, nper, pv, [fv], [type])
5. rate – The interest rate for the loan. …
6. The PMT function can be used to figure out the future payments for a loan, assuming constant payments and a constant interest rate.