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Compound interest, however, accounts for the fee that accrues on top of your principal balance and on any unpaid interest. The majority of car loans have simple interest rates.

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An amortization schedule is a table that specifies just how much of each loan payment will cover the interest owed and how much will cover the principal balance. It requires car owners to make regular payments until their loans are paid off.

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One of the main factors lenders consider when you apply for a loan is your credit score. A higher score can help you secure a better interest rate—which means you'll have a lower monthly car payment.

Calculation of EMI in Excel sheet: A Complete Understanding

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Lock in your rate. Apply now. Call us. This time, the balance has been paid down, so we need to pay interest only on what is left from the last period. Now we need to calculate the remaining principal payment, but wait! We already did this calculation last time!

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Fortunately, this is where Excel starts to save us time…. Now we just need to quickly do the math to find out the remaining balance. Remember that drag down trick I showed you earlier?

Select the interest, principal, and balance cells from period 2 C4 , D4 , and E4. Click and hold the lower right corner of the selection box and drag down all the way to the th period. The formulas are there, but the columns need to be resized. Do the same between columns C and D. We finally have a complete payment schedule table! We are going to sum the interest payments for all the periods in the loan but leave out the extra ones at the bottom using a clever SUMIF function.

All About Car Loan Amortization

Now the calculator has a complete payment table and a way to calculate total interest paid. The payments may be low, but the amount of interest you pay skyrockets! You can play around with different loan terms and interest rates right here in the example spreadsheet. If you want to download it to compare to your own, click on the green Excel icon in the lower right. The payment table is going to come in handy later as we continue to add features to this tool. Come back again for Part 3 to learn how to build a data table that can explore different interest rates and loan terms at the same time!