Now you can calculate the total interest you will pay on the load easily as follows: Select the cell you will place the calculated result in, type the formula =CUMIPMT (B2/12,B3 12,B1,B4,B5,1), and …Use the above formula to determine the total amount you will pay for a loan. Example: If we borrow $100,000 for 10 years at 8 per cent annual percentage rate, what is the total cost of the loan (principal plus interest) ? 1) The rate (r) would be 8 divided by 1,200 which equals 2) The number of payments (n) would beDivide the first sum by the second sum. Multiply the amount gained by the total amount of the principal, giving you the payment per month. Multiply the monthly payment amount by the number of months of the loan to get the total amount you have to pay back over the loan term, including ;· Calculate your total interest paid. This is done by subtracting your principal from the total value of your payments. To get your total value of payments, multiply your number of payments, "n," by the value of your monthly payment, ", Then, subtract your principal, "P," from this number. The result is your total interest paid on your car to Calculate Total Interest Paid on a Car Loan: 15 StepsLoan Payment Formula (with Calculator)TOTAL LOAN COST FORMULA and CALCULATORMultiply it by the balance of your loan, which for the first payment, will be your whole principal amount. This gives you the amount of interest you pay the first month. So for example, on a personal loan of $30,000 over a period of 6 years at and making monthly repayments:If you know the monthly payment and the number of payments, the total of payments is R T, so the total interest you pay is R T − P. The fact that the interest is accrued monthly and payments are made in arrears only go into calculating the payment from the interest rate, which has already been done for us.

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