how to use microsoft excel for personal finance

#How to use microsoft excel for personal finance how to

The amount of money that is borrowed from the lender is called the principal The amount of money borrowed from a lender.

is a contractual agreement in which money is borrowed from a lender and paid back over a specific period of time.

However, before demonstrating this function, it is important to cover a few fundamental concepts on loans and leases.Ī loan A contractual agreement in which money is borrowed from a lender and paid back over a specific period of time. This function calculates the payments required for a loan or a lease. One of the functions we will add to the Personal Budget workbook is the PMT function. This section also discusses the scenario capabilities of Excel once the Personal Budget workbook is complete. This section demonstrates Excel functions used to calculate lease payments for a car, to calculate mortgage payments for a house, and to project future savings based on regular contributions and an average rate of return. In addition, you may want to set and track a savings goal. Notable items that are missing from the Budget Detail worksheet are the payments you might make for a car or a home. In this section, we continue to develop the Personal Budget workbook. Use Goal Seek to conduct what-if scenarios.Use the FV function to calculate the future value of personal investments.Understand the concept of the time value of money.

#How to use microsoft excel for personal finance how to

Learn how to summarize data in a workbook by using worksheet links to create a summary worksheet.

Use the PMT function to calculate monthly lease payments for an automobile.

Use the PMT function to calculate monthly mortgage payments on a house.

Understand the fundamentals of loans and leases.