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[newbie] financial accounting (2)
I figured out my math problem.
"Jon" wrote: I'm trying to calculate a formula as follows: Effective interest rate = principal amount / (principal amount - interest paid upfront - loan charges) - 1 I have updated this as: =(D60/(D60-D62-D63)) -1 Whe D60 = Principal amount, say ‚¬100,000.00 D62 = interest paid upfront , say 10% of the principal amount, ‚¬10,000.00 D63 = loan charges, say ‚¬2000.00 I am getting a result of 8.7%, whilst when working it out with a calculator it comes out to around 14% (13.64%). Any ideas where my mistake is? MS Excel 2007 |
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