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#1
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How do I calculate a lease?
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 |
#2
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How do I calculate a lease?
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 |
#3
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How do I calculate a lease?
Ron
Thank you for your quick response, but this did not answer my question completely. I am trying to get a schedule (loan calculator type) that will give me the monthly breakdown of my payments. Thank you "Ron Rosenfeld" wrote: 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 |
#4
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How do I calculate a lease?
On Wed, 30 Jan 2008 08:19:00 -0800, CASuziqQ
wrote: Ron Thank you for your quick response, but this did not answer my question completely. I am trying to get a schedule (loan calculator type) that will give me the monthly breakdown of my payments. Thank you You can download the loan amortization template from office.microsoft.com I would use $66,000; 8.8% and 5 years for the terms of the loan. (Taxes are extra). All the equations are readily viewable, and you could modify the results to add on the tax payments. "Loan amortization schedule" http://office.microsoft.com/en-us/te... =1&c=0&CTT=42 Find more templates (including more Schedules templates) at http://office.microsoft.com/templates --ron |
#5
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How do I calculate a lease?
I have used the templates; I guess my problem is not understanding how the
sales tax portion of the lease works. Thank you for all your help Ron! "Ron Rosenfeld" wrote: On Wed, 30 Jan 2008 08:19:00 -0800, CASuziqQ wrote: Ron Thank you for your quick response, but this did not answer my question completely. I am trying to get a schedule (loan calculator type) that will give me the monthly breakdown of my payments. Thank you You can download the loan amortization template from office.microsoft.com I would use $66,000; 8.8% and 5 years for the terms of the loan. (Taxes are extra). All the equations are readily viewable, and you could modify the results to add on the tax payments. "Loan amortization schedule" http://office.microsoft.com/en-us/te... =1&c=0&CTT=42 Find more templates (including more Schedules templates) at http://office.microsoft.com/templates --ron |
#6
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How do I calculate a lease?
On Wed, 30 Jan 2008 10:55:01 -0800, CASuziqQ
wrote: I have used the templates; I guess my problem is not understanding how the sales tax portion of the lease works. Thank you for all your help Ron! I've never leased anything, and I haven't reviewed your contract, so it's hard to tell. From what you wrote, it seems as if they are just adding the tax payment onto the lease payment, and that the tax payment is the same for the entire duration of the lease. If that is the case, then you could treat these as two separate payments 1. The lease payment, which is broken down into interest and principal. 2. The tax payment, which is completely separate. --ron |
#7
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How do I calculate a lease?
Thank you for all your help Ron!
"Ron Rosenfeld" wrote: On Wed, 30 Jan 2008 10:55:01 -0800, CASuziqQ wrote: I have used the templates; I guess my problem is not understanding how the sales tax portion of the lease works. Thank you for all your help Ron! I've never leased anything, and I haven't reviewed your contract, so it's hard to tell. From what you wrote, it seems as if they are just adding the tax payment onto the lease payment, and that the tax payment is the same for the entire duration of the lease. If that is the case, then you could treat these as two separate payments 1. The lease payment, which is broken down into interest and principal. 2. The tax payment, which is completely separate. --ron |
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