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Adjustable Rate APR
Does anyone have a formula to calculate an APR for an adjustable rate mortgage?
for example if I have a 200,000 - 30 year mortgage that has a fixed rate of 6% for 3 years and then adjusts to a rate of 7.75 every year after that after that, with 1500 in finance charges. So far I can figure out the APR without adjustment of =rate(360,PMT(6%/12,360,200000),200000-1500)*12 Any suggestions to complete the formula? |
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