Want to know how much interest you’re paying each month on your car or home loan? This simple Excel trick will help you calculate monthly interest in seconds and could save you hundreds of dollars! In this video, we take an example with a loan amount, annual interest rate, and repayment period, then show you the exact formula to use. Once you’ve calculated the interest for the first month, it’s easy to drag the formula and find interest for other months. Excel makes loan calculations a breeze! If you found this helpful, don’t forget to like, comment, and subscribe for more time-saving Excel tips.

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