Use Goal Seek in Excel to Structure Your Loan

You calculated your loan payment only to find out that it is more than your budget allows.

You want to pay no more that $275.00 each month. How do you restucture your loan - without spending hours trying to figure it out?

The Goal Seek tool in Excel is your answer.

To see all of my MS Excel video lessons, visit my website:
http://thecompanyrocks.com/excels

Category:

Education

Tags:

• Microsoft
• MS
• Excel
• spreadsheets
• Goal
• Seek
• Finance
• Help
• Lessons
• Tutorial
• Interest
• Rate
• Monthly
• Loan
• Payment
• Change
• Variables
• Functions

[zxcvbnmmasdfghjkl]

you did it three different times, is there a way to do it all in one or would you have to do all three separately like you did?!?!?!

[DannyRocksExcels]

@zxcvbnmmasdfghjkl

With Goal Seek, you can only change one variable at a time. So, in this case, I copied the cells to create 3 scenarios - changing, 1 at a time the Interest Rate, the amount borrowed and the number of payments.

In Excel, you can use the SCENARIO Manager to create a multiple variable Report. Typically, with Scenario Manager, you would create a "Best Case, Worst Case, Case Most Likely" Report. I have a few videos here that demonstrate Scenarios.

Danny Rocks

The Company Rocks

[nita098]

great example! thanks a lot :)

[DannyRocksExcels]

@nita098

Thank you! I am pleased that you liked the video tutorial.

Danny Rocks

The Company Rocks

[gammaphoton]

Danny I find your videos very helpful. You have not made a video for Solver. I have a suggestion that I think your viewers will find helpful. I have a small spread sheet of my credit cards balance, % interest and payments. The Solver finds the minimum interest total from all the accounts to get all balances to zero. What I found is that paying off the highest interest rate card off first does not give you the smallest total interest paid. I am eager to see what you come up with.

[DannyRocksExcels]

@gammaphoton

I apologize for the late response.

Solver is one of the videos that I am planning to produce in the near future.

Danny Rocks

The Company Rocks

[DannyRocksExcels]

@nita098

Thank you! I am pleased that you liked the video tutorial.

Danny Rocks

The Company Rocks

[DannyRocksExcels]

@ericdmann

Thank you for letting me know that this helped you.

Please spread the word to your friends and colleagues.

I invite you to visit my website - thecompanyrocks - to view all of my training resources.

Danny Rocks

The Company Rocks

[ericdmann]

Another great tutorial!

[MaksKelemina]

Awsome!

Can you post  PMT function in reverse for retirement monthly income