))/((( …and other Excel fun.
Of course there’s an Excel formula for mortgage payments…
It is =PMT(r/12,n*12,PV)
r = the annual interest rate expressed as a percentage,
n = the number of years of repayment, typically 15 or 30,
PV = the initial amount lent, or present value at t0.
I can’t believe I’ve been using =((r/12)*(1+(r/12))^(n*12))/(((1+(r/12))^(n*12)-1))*PV for a straight year.
Note to self: if a formula seems useful enough that I might want to plug it into Excel, chances are there is dedicated Excel function.
))/((( makes me squint.