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Calculation of Interest / How to find Monthly Payment w/ Offset First Payment More options
I am attempting to find the monthly payment of a loan, for example a
car loan. I have found the formula P=(C*r*((1+r)^N))/(((1+r)^N)-1) * , where C- Loan Amount; N-# of Payments ; r = ARP/ compounding frequency ; and P-Payment. [*Source:http://www.efunda.com/formulae/finan...alculator.cfm] Now this formula works find with the following assumptions. That our first payment will always be 1 cyle into the loan. For example if we are compounding monthly, then ths payment (P) will be the monthly payment, which will be due one month after the start of the loan. Now my question is, if I would like to change the date of first payment, how would I go about doing this? Is there a formula developed for this type of situation? |
#2
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Calculation of Interest / How to find Monthly Payment w/ Offset First Payment More options
Both the VBA and Excel help files show a payment function ("pmt"). The last argument, "type", allows you to specify payments starting at the beginning or end of the payment period... "=PMT(rate,nper,pv,fv,type)" You may also want to try the free Excel add-in "Calculate Payments". Download from... http://www.realezsites.com/bus/primitivesoftware No registration required. -- Jim Cone San Francisco, USA wrote in message I am attempting to find the monthly payment of a loan, for example a car loan. I have found the formula P=(C*r*((1+r)^N))/(((1+r)^N)-1) * , where C- Loan Amount; N-# of Payments ; r = ARP/ compounding frequency ; and P-Payment. [*Source:http://www.efunda.com/formulae/finan...alculator.cfm] Now this formula works find with the following assumptions. That our first payment will always be 1 cyle into the loan. For example if we are compounding monthly, then ths payment (P) will be the monthly payment, which will be due one month after the start of the loan. Now my question is, if I would like to change the date of first payment, how would I go about doing this? Is there a formula developed for this type of situation? |
#3
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Calculation of Interest / How to find Monthly Payment w/ Offset First Payment More options
On Feb 19, 5:18 pm, "Jim Cone" wrote:
Both the VBA and Excel help files show a payment function ("pmt"). The last argument, "type", allows you to specify payments starting at the beginning or end of the payment period... "=PMT(rate,nper,pv,fv,type)" You may also want to try the free Excel add-in "Calculate Payments". Download from...http://www.realezsites.com/bus/primitivesoftware No registration required. -- Jim Cone San Francisco, USA wrote in message I am attempting to find the monthly payment of a loan, for example a car loan. I have found the formula P=(C*r*((1+r)^N))/(((1+r)^N)-1) * , where C- Loan Amount; N-# of Payments ; r = ARP/ compounding frequency ; and P-Payment. [*Source:http://www.efunda.com/formulae/finan...alculator.cfm] Now this formula works find with the following assumptions. That our first payment will always be 1 cyle into the loan. For example if we are compounding monthly, then ths payment (P) will be the monthly payment, which will be due one month after the start of the loan. Now my question is, if I would like to change the date of first payment, how would I go about doing this? Is there a formula developed for this type of situation? I am awaire of this excell function, but this funtion does not take into account the date of the first payment? Any ideas on how this should be accomplished? |
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