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Use PV to determine fixed-term borrow amount

Use PV to determine fixed-term borrow amount: Excel for Mac 2016: Advanced Formulas and Functions
Use PV to determine fixed-term borrow amount: Excel for Mac 2016: Advanced Formulas and Functions

To pay off a loan at a certain amount (principal and interest) each month, for a set number of months, use the PV function to calculate how much you can borrow. If you want the payment to be $1800 and pay off the loan in 360 months and the interest rate is 4%, type =PV(4%/12,360,1800) to get an answer of 377,030.

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