The formula in the following worksheet finds the monthly payment on a mortgage using the PMT function. The worksheet determines that the monthly payment on a $250,000 loan with an interest rate of 6.5 percent to be paid over a 30-year period is $1,580.17. Suppose, however, that the person who calculated this monthly payment determined that he or she could pay more than $1,580.17 per month? Suppose that the person could pay $1,750 or $2,000 per month. Instead of an outcome of $1,580.17, the person wants to know how much he or she could borrow if monthly payments — the outcome of the formula — were increased to $1,750 or $2,000.To make determinations such as these, you can use the Goal Seek command. This command lets you experiment with the arguments in a formula to achieve the results you want.
Use Excel Goal Seek To Find The Formula Result You Want. DOWNLOAD OUR FREE EXCEL RESOURCE GUIDE E-BOOK! If you have a formula and want to show a specific result, but you do not know what input values to change within the formula, then Excel’s Goal Seek feature is the one for you. 325 Excel Shortcuts for Windows and Mac. 101 Excel Formulas. You'll fill out a spreadsheet with the financial status you seek to achieve by the time you're ready to put your hammer down, and leave one cell as the variable that tells you how much you'll have.
In the case of this worksheet, you can use the Goal Seek command to change the argument in cell C3, the total amount you can borrow, given the outcome you want in cell C6, $1,750 or $2,000, the monthly payment on the total amount.Follow these steps to use the Goal Seek command to change the inputs in a formula to achieve the results you want:.Select the cell with the formula whose arguments you want to experiment with.
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January 2023
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