[F19] =CUMIPMT(D19, C21-B19+1, E19, 1, C19-B19+1, 0)
[G19] =CUMPRINC(D19, C21-B19+1, E19, 1, C19-B19+1, 0)
[H19] =G19+F19
[I19] =H19/(C19-B19+1)
[E20] =E19+G19
The formula in cell [F21] might be easier to understand if shown as =CUMIPMT(0.417%,
2, 5978.4, 1, 2, 0)
The sum of the 3 Principal values (in column G) exactly equals the original
value of the loan (£35,000).
This methodology is a sound accounting basis for deriving interest
charges and repayment terms. They may not however precisely match the
calculations of any particular lender - there are a lot of complicating factors
and variables. Of key importance in any such arrangements is the frequency or
periods at which the interest is calculated. Completely different values will be
obtained for a loan over 1 year if the repayment periods are either annual,
monthly or daily.