Would it be correct to use the formula: FV(20, 12, 1000, -10000)
EDIT: both you and I overlooked percentage. The first parameter should be 20% not 20.
Yes. (I'd write the formula as -FV(20%/12, 12, 1000, 10000). Mathematically they are identical, and I interpret -10000 as a negative amount of money. However, maybe trained analysts use -10000 and I'm the ...
Now I try to cumulate the interest (for 1 month) with following
formula: CUMIPMT(annualRate/12, loanYears*12, loanReceived, 1, 2, 0) -
I receive 237
That formula is calculating the first two months. That is why the answer, 237, is about double the 119 from the first formula.