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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? |
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