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Loan EMI Table: Excel Lab
Lab 14 · AdvancedPMTTotal interest
The task: For each loan, find the monthly EMI, the total you pay back and the total interest.
1 Watch how it is done
Step 1: EMI with PMT
=PMT(C4/12,D4*12,-B4)- Click E4.
- Type =PMT(C4/12,D4*12,-B4) and press Enter.
- C4/12 = monthly rate. D4*12 = number of months. The minus sign makes the EMI positive.
- Drag the fill handle down.
Step 2: Total paid = EMI × months
=E4*D4*12- Click F4.
- Type =E4*D4*12 and press Enter.
- Drag the fill handle down.
Step 3: Interest = Total paid − Amount
=F4-B4- Click G4.
- Type =F4-B4 and press Enter.
- Drag the fill handle down.
2 Your turn
Download the practice file. It has new numbers. Open it in Excel (or Google Sheets) and do the same steps.
3 Check your answers
Stuck? Download the solution file and compare it with yours.
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