Interest calculation
Interest rate: 6.9%
Amount: 2500 Period: 24 months The company says monthly payments wil be 111.63. But none of the excel formulas I've tried (PMT, PV, IPMT) return the same. Note: I do not have & cannot install CUMIMPT Thanks. |
=PMT(6.9%/12,24,2500)
Indicates a payment of 111.82, suggesting that your final payment will be 116.46 =FV(6.9%/12,23,-111.63,2500)*(1+6.9%/12) if you only pay 111.63 per month. Another possibility is that the raight is slightly under 6.9%, but =RATE(24,-111.63,2500)*12 returns 6.73%, so the difference would be more than just rounding. Jerry JohnP wrote: Interest rate: 6.9% Amount: 2500 Period: 24 months The company says monthly payments wil be 111.63. But none of the excel formulas I've tried (PMT, PV, IPMT) return the same. Note: I do not have & cannot install CUMIMPT Thanks. |
Thanks. Strange, isn't it?
I have now been able to add-in CUMIPMT. Any use to me? John "Jerry W. Lewis" wrote: =PMT(6.9%/12,24,2500) Indicates a payment of 111.82, suggesting that your final payment will be 116.46 =FV(6.9%/12,23,-111.63,2500)*(1+6.9%/12) if you only pay 111.63 per month. Another possibility is that the raight is slightly under 6.9%, but =RATE(24,-111.63,2500)*12 returns 6.73%, so the difference would be more than just rounding. Jerry JohnP wrote: Interest rate: 6.9% Amount: 2500 Period: 24 months The company says monthly payments wil be 111.63. But none of the excel formulas I've tried (PMT, PV, IPMT) return the same. Note: I do not have & cannot install CUMIMPT Thanks. |
Is the 6.9% the stated note rate or the APR?
Did you pay a fee of some kind? "JohnP" wrote: Interest rate: 6.9% Amount: 2500 Period: 24 months The company says monthly payments wil be 111.63. But none of the excel formulas I've tried (PMT, PV, IPMT) return the same. Note: I do not have & cannot install CUMIMPT Thanks. |
Sorry, good point. The rate ia an APR. There are no fees or protection
payments involved. "Duke Carey" wrote: Is the 6.9% the stated note rate or the APR? Did you pay a fee of some kind? "JohnP" wrote: Interest rate: 6.9% Amount: 2500 Period: 24 months The company says monthly payments wil be 111.63. But none of the excel formulas I've tried (PMT, PV, IPMT) return the same. Note: I do not have & cannot install CUMIMPT Thanks. |
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