**Common questions about the RECEIVED formula include:**

- What is the RECEIVED formula?
- How do I use the RECEIVED formula?

The RECEIVED formula can be used to

**find the amount of money owed on a loan**by subtracting the loan's principle balance from the loan's current balance.

**The RECEIVED formula is commonly mistyped**as RECEIVE rather than RECEIVED.

**Some common ways the RECEIVED formula is used inappropriately**include: using the formula to calculate a difference in interest from one month to the next, using incorrect or out-of-date loan balance data when using the formula, or trying to use the formula to calculate the expected pay-off date of a loan.

**Common pitfalls**when using the RECEIVED formula include: forgetting to add in changes in loan interest rate when recalculating the amount owed, incorrectly entering the loan amount into the formula, or entering a data field other than the loan principle balance.

**Common mistakes**when using the RECEIVED formula include: entering inaccurate or out-of-date loan balance data when using the formula, accidentally subtracting the wrong numerical values when entering the formula, or forgetting to include changes in interest rate when recalculating the amount owed.

**Common misconceptions**people might have with the RECEIVED Formula include: thinking that the RECEIVED formula can be used to calculate a difference in interest from one month to the next, thinking that the formula can be used to calculate the expected pay-off date of a loan, or thinking that the formula can be used to calculate a loan's interest rate.