Special Financing Calculator Help Please
Joe- thanks
"Joe User" wrote:
"Steve" wrote:
Looking for a calculator for estimating insurance
premium financing payments. Here are my "variables"
Premium payment amount = $75,000
Downpayment amount= 25%
Financing Rate= 3.27%
Number of annual payments = 9
First Payment Due Date= 1/1/10
Last Payment Due Date= 9/1/10
Correct me if I'm wrong, but I don't think there is anything "special" about
this.
As I understand it, you are talking about a 9-month(?) loan of $75,000 less
25% (i.e. $56,250) at an annual rate of 3.27%.
Assuming the loan originates on 12/1/2009, one month before the first
payment is due, and assuming that your variables are in B1:B6, then:
=PMT(B3/12, B4, -B1*(1-B2))
Note: I am assuming __monthly__ payments, even though you wrote "number of
__annual__ payments". Contradictorily, you also wrote that the first and
last payments are 1/1/10 and 9/1/10, which comprise only 9 months.
If you meant to say that the first and last payments are 1/1/10 and 1/1/18
(9 years), then:
=PMT(B3, B4, -B1*(1-B2))
But that assumes no interest accrues between the loan origination date and
the first payment. True?
|