Excel has functions to help determine the cost of a loan, the payment schedule and even calculate the exact payments for a loan. You can work with various “what-if” procedures to accommodate any combination of interest rates, payments, and duration.
using the PMT function
Create an amortization chart
Determine the total interest paid over the course of a loan
Determine the Interest paid for any portion of the load (e.g. each year)
Manipulate interest rate, down payment, and duration to achieve an exact monthly payment