It's based on a ModelOff question written by Dan Mayoh. Today's video covers all of this, plus some fun with business days, and making the whole model size flex with an assumption. If you want your model to quickly flex as you change your assumptions (what if the interest rate was higher?), or if you want to model a portfolio of many loans without having to manually set the payment for each one, this is worth knowing! If your answer is Goal Seek, that will cover the funkier cases, but you might be surprised to learn that there's a neat way to calculate the exact answer directly. The place you're most likely to see this is if your bank doesn't use the so-called 30 / 360 assumption (i.e. If your answer is the PMT function, things can get a whole lot more complicated (if the interest rate changes, or if all the periods aren't the same length). Did you ever wonder how your bank calculates your mortgage payment?
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