Home |
Search |
Today's Posts |
#1
|
|||
|
|||
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. |
#2
|
|||
|
|||
=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. |
#3
|
|||
|
|||
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. |
#4
|
|||
|
|||
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. |
#5
|
|||
|
|||
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. |
Reply |
Thread Tools | Search this Thread |
Display Modes | |
|
|
Similar Threads | ||||
Thread | Forum | |||
Function help with Calculating Interest for two different investme | Excel Worksheet Functions | |||
Calculation Setting in Excel | Excel Discussion (Misc queries) | |||
calculation of interest between two dates | Excel Worksheet Functions | |||
Compound interest calculation | Excel Worksheet Functions | |||
Compound interest calculation | Excel Discussion (Misc queries) |