Day 64 · Tuesday, 6 October 2026
From the archive
Find how much loan principal a cargo van's payment plan pays off in its first year
CUMPRINC sums just the principal portion of a loan's payments between two period numbers you name — the part CUMIPMT leaves out — so a running balance doesn't need the whole amortization schedule to get there.
Task:
You handle fleet financing for a regional delivery company that just financed a cargo van for $38,000, to be repaid in 72 equal monthly payments at a 5.4% annual interest rate. The finance team wants to know, after the first year of payments, how much of that $38,000 has actually been paid down versus how much is still owed. In B5, use CUMPRINC to find the total principal paid across Year 1 (payments 1 through 12). In B6, subtract that from the original loan amount to find the balance still outstanding.
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