Trying to figure out a table/calculations for this problem (not the exact numbers but just need to know how to do it. Initial loan of $10,000. Interest rate of 7%. Loan term is 6 months. Payment made every month is $200.
Any help with setting up a chart/ table in excel that will shoe the amount of interest paid each month, amount paid towards the principal balance and the balance left each month?
Cant figure this out for the life of me and everything I look for online just shoes how much you have to pay to get to a $0 balance which is not what I am trying to get. I want to know how much the balance is at the end of each month and how much of the $200 went to the interest and how much to the principal.