Possible Variable in Rate Function
I am trying to resolve an issue with a "RATE" Function. I know that it is
correct, but I would like to introduce a variable. This is to have a holiday for 6 months i.e. nil payment. To clarify: I am trying to calculate the interest rate assumming that at the beginning of a repayment structure there is an "holiday payment". "Holiday payment" - This mean at the beginning of the term there would be as in this case 6 months where there is no payments. Monthy payments begin in Month 7 until month 42 ie 36 Months. Data Months Paid Data Holiday Data Total Payment holiday in months 6 6 Months 36 36 Total Term of Loan 36 6 42 Monthly payments £24,000.00 £0.00 £20,571.43 Loan £705,270.00 £705,270.00 £705,270.00 Rate Calculated 13.69% -1200.00% 11.78% Interest Paid £158,730.00 -£705,270.00 £158,730.00 Interest per Month £4,409.17 £3,779.29 Capital per Month £19,590.83 £16,792.14 £24,000.00 £20,571.43 The attached spreedsheet explains it better and shows the way in which the Function is written. Thank you for any help you can give. |
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