Are you struggling with your loan repayment or looking for a quick-and-easy way to keep up with how much you owe on your loans throughout the year? We’ve got you covered! In this article, we’ll show you how to calculate outstanding loan balances in Excel.
First, download and install Microsoft Excel. The application should be easy to find if it is already installed on your computer since it will likely be one of the first applications listed in “The Office” folder. This program is widely used among students, professionals, and small business owners. Depending on your computer settings, you will have to sign in or authorize the software before it will open.
If you’re not already familiar with Excel, it is a spreadsheet application that allows us to organize large amounts of data. First and foremost, it is useful as a way to organize information. It allows us to combine, sort, and weight data, making it easier to find important information. Each quarter or month, you can automatically calculate totals using spreadsheet templates.
How to calculate outstanding loan balance in Excel?
To calculate the outstanding loan balance in Excel, simply follow the steps below.
Step 01: Create a new spreadsheet on your computer and click “File” > “New” to start a new sheet. You can rename the spreadsheet “Loans” or any other name you wish. You can also change the default cell locations if you are more comfortable entering information in a different part of your spreadsheet.
Step 02: Next, enter your student loan information. You might want to enter the following data into Excel.
Step 03: Once you have entered your information, click “Data”, followed by “Filter and Sort” from the drop-down menu on the left side of your spreadsheet. Once you select “Filter and Sort”, a new window will appear where you can enter filter options and sort data for easier viewing.
Step 04: Click “Display” from the menu on the left side of your spreadsheet. Doing so will adjust your view to show all rows together.
Step 05: Once you have adjusted your view, you can drag and drop the worksheet data into appropriate positions to see if there is data missing or if there are mistakes in the calculation. All of this information can be seen in a chart for easier manipulation, correction, and adjustment.
Once you have corrected your data, click “OK” and the spreadsheet should automatically calculate your outstanding loan balance based on your information. However, if you do not see any changes at all in your outstanding loan balance, then there is likely a problem with the way you have inputted or organized the information. Make sure there are no blank rows or empty cells that may be hiding other rows of data. Check for spelling errors, since this can also cause incorrect calculations. If your data looks correct, then click “OK” and your outstanding loan balance should be calculated in Excel.
Using the spreadsheet will allow you to keep track of important information about your loans every month, in addition to comparing it for past and future ideas about repayment plans and methods.
Here’s another method to calculate the outstanding loan balance in Excel:
- First, we will open the spreadsheet in Excel.
- Now set the column A, B, C, D, E, and F by typing Name, Amount of Loan, Interest rate, Duration of loan, Interest dues, and Total amount dues.
- The first formula will go in column E, Interest dues. {=(C4/100)*B4*D4/12)}
- Drag the right corner of the cell to the last column you are calculating. You will see every column’s equation is done.
- Now for the Total amounts of dues, we’ll type. {=(B4+E4)}
- Drag the right corner of the cell to the last column you are calculating. To do every column’s equation.
To make the total amount equation press (Alt + =) or type {=SUM(B4:B10)} . Apply this to every total equation.
Note: Here the cell numbers are used as per the following photo. This is just the formula. Use your cell number according to your convenience.
Read More: How To Change The Default Number Format In Excel
How to calculate the remaining loan balance in excel
Once you have calculated the outstanding loan balance in Excel, you can easily compare it to the remaining loan balance to see where you stand before being due for repayment.
Step 01: First, close Excel and then reopen it. Next, select the “loans” tab that was created when you first opened your spreadsheet.
Step 02: Now you will want to enter in your monthly payments that were made throughout the year.
Step 03: Once you have entered your payments, adjust the loan balance by “Sum” ming your payment amount for the year then multiply it by the number of months that you borrowed.
Step 04: Next you will want to “Clear” all rows then select all data in the sheet. Lastly, follow Step 04 from above using a chart to compare your data to determine how well you did and where improvements need to be made.
Read More: How to add single quotes and coma in excel?
Conclusion:
While there are a number of other ways to calculate outstanding loan balances, the steps outlined above will work for most people. If you are looking for a way to quickly and accurately track your loans throughout the year, then Excel is a great program for you. Keep in mind, though, that there are always resources available if you aren’t too confident in your skills yet! Feel free to ask if you need help or if you have questions.