Deferred Payment

[robfo0]

Does anyone have a calculation to find a deferred payment, usually 90 days deferred? Thanks

[NateO]

The present value, the nominal number, a little more detail please...

[robfo0]

hi NateO,

I'm trying to find a formula to give me a monthly payment for a 90 day deferred loan. I can get the regular payment with the:

PMT(rate/12,term,-loanAmount),
that is PMT(rate,nper,pv),

but i cant find the method to produce the monthly payment if the loan is 90 days deferred

Hope that explains a little more?

Thanks

[ This Message was edited by: robfo0 on 2002-03-20 20:09 ]

[NateO]

Try:

PMT(rate/12,3,-loanAmount)

Where 3 = Months. My fingers are crossed.

_________________
Cheers, NateO

[ This Message was edited by: NateO on 2002-03-20 20:46 ]

[Dave Patton]

One of many different versions; your
information is incomplete.

=PMT(Rate/12,term*12,FV(Rate/12,3,0,-Loan,0),FV,0)

[robfo0]

Nate, that doesnt work

Dave, im getting an error with your formula (#NAME?)...are the FV's supposed to be substituted with something?
i have the following:
=PMT(0.1/12,120,FV(0.1/12,3,0,-15000,0),FV,0)

Which is your formula with a 10% rate, 120 month term, and 15000 loan amount. am i doing something wrong?

Thanks

[Dave Patton]

I used named cells.

Rate 6%
term 5
Loan 100000
FV 0

If you do not use named cells, substitute the relevant cell references or amounts.

[robfo0]

Dave,

This is the formula of yours I tried, but it is returning an incorrect payment amount:

=PMT(0.1299/12,120,FV(0.1299/12,3,0,-15000,0))

Again, I'm trying to get the 90day deferred payment for a loan amount of 15,000 , rate of 12.99%, and a term of 120 months.

your formula returns: $231.23

According to 5 different rate sheets (which differ by pennies) the correct payment should be about : $228.66

Thanks again,
Rob

[Dave Patton]

Check help for PMT and FV

are payments in advance or arrears?
Do you mean 2 months deferral and then
payment at end of next month?

Check the real terms and then use the appropriate syntax in Excel