On Wed, 30 Jan 2008 06:31:01 -0800, CASuziqQ
wrote:

I have a lease and used the Loan Calculator template, but when it came time
to balance at the end of the year I was several thousand dollars off what the
lender said the balance was...

The amount amount I used is 71,445 @ 8.88% with monthly payments of 1,479.28
for 60 months. But then I read the agreement (imagine that) and it showed
66,000 financed @ 8.88% plus sales tax of 112.75 per month.

Any suggestions? By the way I am an intermediate user so please don't get
tooooo technical.

Thank you very much
CASuziqQ

How long is the lease term?

If it is, for example, 5 years, and you are paying $112.75/month for that
entire time, seems like a high sales tax (112.75*60/66000 = 10.25%)

In any event, use the $66000 and subtract 112.75 from the payment.

That means your payments on the loan are 1366.53

Assuming a 5 year loan, the following will give the balance after 12 payments
(given a loan amount of 66000, interest at 8.88% per year, and a term of 5
years):


=Amt + CUMPRINC(Rate/12,Term*12,Amt,1,12,0)

If the CUMPRINC function is not available, and returns the #NAME? error,
install and load the Analysis ToolPak add-in.

How?

On the Tools menu, click Add-Ins.
In the Add-Ins available list, select the Analysis ToolPak box, and then click
OK.
If necessary, follow the instructions in the setup program.


--ron