Jun 10 2021 07:48 AM - edited Jun 10 2021 08:15 AM
Hello Everyone,
I have tried Goal Seek. I write this formula -
Then i i have set in Term in Months in Goal Seek.
like -
After click in OK, it will give wrong answer in Term in Months
like -
So, what should i do which it will give right answer in TERM IN MONTHS with the help of Goal Seek?
Please help..???
Here is a attach file...
Jun 10 2021 08:09 AM
Solution@Excel I guess this is a pure mathematical issue. At 8% per year the minimum monthly payment (interest only) is 1466.67. Thus, you will never get anything lower than that. You will thus never get down to 1100, no matter how many periods.
Jun 10 2021 08:14 AM
Jun 10 2021 08:27 AM
@Excel I guess not, because you can't get any lower that 1466.67. 100000 months will give you the same amount. My point was that you can never get down to 1100.
Jun 10 2021 08:29 AM
Jun 10 2021 08:35 AM
@Excel You've lost me. With the parameters you gave there is NO solution. You can NEVER reach $ 1100, no matter what term of months you use.
Jun 10 2021 08:41 AM
Here is an example, you can expand as you like.
Can even open a bank:)))
I would be happy to know if I could help.
Nikolino
I know I don't know anything (Socrates)
Jun 10 2021 08:46 AM - edited Jun 10 2021 08:46 AM
Jun 10 2021 11:40 AM
Jun 10 2021 11:43 AM
Jun 10 2021 11:57 AM
Jun 10 2021 12:19 PM
Perhaps this will help. Scroll down the worksheet and you'll see that as you increase the number of months further and further, the monthly payment more or less stops decreasing: it never gets below $1,466.67 (8% of $220,000 divided by 12).
So you will never reach a monthly payment of $1100 with this initial value and interest rate - not in 100 years, not in 1,000 years, not in 10,000 years: NEVER.
So, as all of us have pointed out several times now, there is no solution to your problem. Not because we don't want to tell you, but because it does not exist.
Jun 10 2021 12:56 PM
Jun 10 2021 08:09 AM
Solution@Excel I guess this is a pure mathematical issue. At 8% per year the minimum monthly payment (interest only) is 1466.67. Thus, you will never get anything lower than that. You will thus never get down to 1100, no matter how many periods.