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On Tuesday, February 8, 2005 at 1:52:20 PM UTC-6, N Harkawat wrote:
=RATE(360,PMT(5.75%/12,360,56000),56000-361.22)*12 gives me 5.81% "Lisa M" wrote in message ... Hope this info helps. It's kind of hard to type it and I wouldn't think it be a good idea to post it. I can use a HP Financial Calculator to get the number I need but I would rather have it on the spreadsheet that I am using. I need to calculate an APR with Fees included. I tried the =Rate(TERM, -PMT, $ AMT)*12 and it gave me the actually rate of interest charged. That is not what I need. The APR is greater than the interest rate charged because it takes the original loan amt plus certain fees charged. An example: loan amount of $56,000 at rate of 5.75% for 30 yrs with a P&I pmt of $326.80 and fees of $361.22. If I plug the numbers into my HP, it calcs an APR of 5.810%. I would like to have the speadsheet do the calculation that my HP calculator does. I have in the spreadsheet the loan amount, int rate, pmt and fees. Do you have any other suggestions? Thanks for all of your help. I hope that I gave you better info than before. Lisa M "JE McGimpsey" wrote: How could anyone know what to suggest when you don't tell what information you have available? RATE() certainly can "calculate for mortgages". What does "it didn't work" mean? Did you get the wrong answer? no answer? an error? a crash? Nobody can see your worksheet (and please don't post it). Instead you need to actually describe how your data is laid out, what you've tried, and what hasn't worked. In article , Lisa M wrote: I tried that but it didn't work. Thanks!!!! I need to calculate for mortgages. Any other sugestions? CAN YOU TELL ME HOW TO ADD PMI INTO THIS CALCULATION? FOR EXAMPLE, IF THE PMI IS $43.22/MO FOR 58 MONTHS UNTIL IT REACHES 78% LTV... HOW WOULD I MODIFY THE "RATE" CALCULATION TO CONSIDER THIS INTO THE APR? |
#32
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This is an old post but I don’t seem to find an answer to this question anywhere online:
CAN YOU TELL ME HOW TO ADD PMI INTO THIS CALCULATION? FOR EXAMPLE, IF THE PMI IS $43.22/MO FOR 58 MONTHS UNTIL IT REACHES 78% LTV... HOW WOULD I MODIFY THE "RATE" CALCULATION TO CONSIDER THIS INTO THE APR? |
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