spend down account

New Contributor

I need an Excel formula.

 

I have a sum of money in an account (M).  I want to make monthly withdrawals for a given period of time in years (T).  This account will earn interest (I).  At the end of the given period of time I want the account balance to be zero.

2 Replies

@jbuschtiru 

You can use the PMT function for this.

See the attached sample workbook.

Thanks much.  It is just what I am looking for.

 

@Hans Vogelaar