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how do I calculate a monthly payment based on a variable rate?
I have to calculate a monthly payment based on avariable interest rate. What
is the formula I use, ex. variable rate in is A6, loan term B6, and payment C6? |
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#2
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how do I calculate a monthly payment based on a variable rate?
Do you mean the initial loan amount is in C6?
Until the rate changes, you have to base the payments on the current rate and term. =pmt(a6/12,b6*12,-c6). This assumes your rate and term are annual and your payments are monthly. Once the rate changes, you'd reestablish the payment based on the new rate, the remaining term and the remaining loan balance. "Chick N Egg" wrote: I have to calculate a monthly payment based on avariable interest rate. What is the formula I use, ex. variable rate in is A6, loan term B6, and payment C6? |
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