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

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