How to Create an Auto Loan Calculator in Excel
Microsoft Excel is one of the most powerful spreadsheet programs on the market, and can be used for everything from creating a budget for a multinational corporation to building a budget for your home. Microsoft Excel is also a powerful tool for calculating the payments on car loans, mortgages and other financial instruments.
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Instructions
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Open Microsoft Excel by clicking on the "Start" button and choosing "All Programs" from the menu. Select "Microsoft Office" from the list and choose "Excel" from the menu. Once Excel has opened, click on the "File" menu and choose "New" to open a new spreadsheet.
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2
Type a descriptive label like "Purchase Price" in cell A1, then type the purchase price of the car in cell B1.
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Type a label such as "Interest Rate" in cell A2, then type the actual interest rate in cell B2.
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Type the label "Number of Payments" in cell C1, then type the total number of payments in cell C2. For example, if you have a five year loan on your car, the number of payments would be 60.
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Type the label "Loan Payment" in cell D1. Come down to cell D2 and type the formula "=PMT(B2/12,B3,B1)" in the box. You will see your required monthly loan payment displayed in the box.
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