I need to find a formula(s) in MS Excel that can be used to calculate how a student loan payments are broken down between principle and interest.
For example, say a student borrows $100,000 at the rate of 5%. Then the student pays different amount each month (according to his/her finances). For each payment I am trying to find how much the bank allocates to principle and how much to interest. For example, if you I could create the following spreadsheet
DATE PAYMENT AMOUNT PRINCIPLE INTEREST
01/01/14 $500. ?? ??
02/04/14 $700. ?? ??
03/10/14 $650. ?? ??
and so on.
Does Excel have formulas for the PRINCIPLE and INTEREST columns?
TIA
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