How to do this Nadia wants to calculate the total interest, which is the total amount of the payments minus the loan amount. In cell F6, enter a formula without using a function that multiplies 12 by the Term and the Monthly_Payment, and then subtracts the Loan_Amount to determine the total interest in excel
To calculate the total interest without using a function in Excel, you can follow these steps:
1. Click on cell F6.
2. Enter the following formula: =(B6*C6*12)-D6
3. Press Enter to calculate the total interest.
This formula multiplies the Term (B6) by the Monthly Payment (C6) and then multiplies the result by 12 to get the total amount of payments per year. It then subtracts the Loan Amount (D6) from this total to determine the total interest.