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Harlan Grove
 
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"amalecki" wrote...
The only interest rate I have from the Bank is 6%; the monthly payment the
bank calculated is $9,465.67, based upon a loan amount of $213,402.24.


Excel's RATE function, =RATE(24,9465.67,-213402.24), gives 0.00506544 as the
monthly effective interest rate. That gives an annual effictive interest
rate of 0.06250763. 0.00506544/0.06 = 11.84498143, 360/(365/12) =
11.83561644. I have to admit I don't see how the bank comes up with their
monthly loan payment.