Question
To create a student loan expense tracker in Google Sheets, follow these steps:
1. Open Google Sheets and create a new blank spreadsheet.
2. Label the columns with the following headers: Date, Loan Amount, Interest Rate, Monthly Payment, Remaining Balance.
3. Enter the details of your student loan in the respective columns.
4. Use the SUM function to calculate the total loan amount, total payments made, and remaining balance.
5. Use the PMT function to calculate the monthly payment based on the loan amount, interest rate, and loan term.
6. Update the tracker every time you make a payment. This will help you keep track of your loan repayment progress.
Remember, Google Sheets also allows you to create charts and graphs for visual representation of your loan repayment progress.
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Below, the amortization table calculates all loan payments, where each row is a month, with checkboxes to check off each month that you've paid. The loan summary section then calculates how much your scheduled payment should be, how many payments you've made to date, how much principal you've made to date, and one other calculation: How much you will save in interest, and how many months you'll save, by paying extra payments - which we'll get to in a minute.
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