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excel – Is there a way to set monthly deductions on a value?

Posted by: admin May 14, 2020 Leave a comment

Questions:

This is for personal budget and savings within an excel sheet.

Say I have a loan of £1000, I will be paying £10 per month as of 7th December 2019 until the amount is paid off.

I would like to have a summary page on my sheet displaying the current outstanding debt. Currently I can only seem to work out how to deduct the £10 if date greater than/ equal to 7th. Which is not useful as each month after the 7th it’ll display £990.

How to&Answers:

What about DATEDIF:

=1000-((DATEDIF(43806,TODAY(),"M")+1)*10

Where:

  • 1000 – Your starting loan
  • DATEFIF – Function to calculate difference between two dates in months
  • 43806 – 1st Parameter: Starting date > 7th December 2019
  • TODAY – 2nd Paremter: Volatile function to feed the second parameter with current date
  • M – 3rd Parameter: Calculate difference in whole months
  • +1 – Amount of months + 1 to account for all payments
  • *10 – Difference in months times 10 to deduct from starting loan

This would be volatile though, so use sparsely.