However, you’ve got the option to adjust periods to calculate interest in any timeframe desired.
Calculate loan interest in given year
To calculate the total interest for a loan in a given year, you can use the CUMIPMT function. In the example shown, the total interest paid in year 1 is calculated by using 1 for the start period and 12 for the end period. The formula in F5 is: =CUMIPMT(5%/12,60,30000,1,12,0) Note: values are hardcoded for readability only.
