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Posted to microsoft.public.excel.misc
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Calculating APR on a Mortgage
Thank you Peo!
"Peo Sjoblom" wrote:
The formula would be
=RATE(30*12,-650.30,100000)*12
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Regards,
Peo Sjoblom
Excel 95 - Excel 2007
Northwest Excel Solutions
www.nwexcelsolutions.com
"It is a good thing to follow the first law of holes;
if you are in one stop digging." Lord Healey
"Sean B" wrote in message
...
Thank you Peo. Now can you help me with the excel formula so I can
incorporate it into a spreadsheet that has all of the other info present?
I
could email you a bare bones setup...
Thanks (hopefully),
Sean
"Peo Sjoblom" wrote:
Then the APR is 6.78%
--
Regards,
Peo Sjoblom
Excel 95 - Excel 2007
Northwest Excel Solutions
www.nwexcelsolutions.com
"It is a good thing to follow the first law of holes;
if you are in one stop digging." Lord Healey
"Sean B" wrote in message
...
Payment would be $665.30
I used the PMT calc for that which is no big deal, but I gotta tell ya,
the
APR thing has me stumped...
Thanks Fred and anybody else out there who can help!
Sean
"Fred Smith" wrote:
We're still going to need to know the payment.
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Regards,
Fred
"Sean B" wrote in message
...
No, APR is different than interest rate, it takes into account the
costs
associated with the loan and adds that to the actual interest
charged
during
the life of the loan. Then it backs into what the interst rate is
given
those
costs + interest rate = APR. I just don't have a clue how to get
there
from
here. any ideas? anybody?
"Fred Smith" wrote:
Haven't you already specified the APR (7%)?
If you want to check to see if 7% is correct, we would need to know
the
payment.
You can also calculate it yourself using the Rate function.
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Regards,
Fred
"Sean B" <Sean wrote in message
...
Can anybody help me determine APR using the following example:
30 year amortization
7% Rate
$100,000.00 loan amount
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