Hi Guys ,
I am feeling like this:
Here's what I have:
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Can anybody show me how to calculate the Annual Percentage Rate on a loan with a balloon payment (as shown above).
I am feeling like this:
Here's what I have:
VALUES | LABELS | NOTES/FUNCTIONS |
500,000.00 | Loan Amount | |
30 | Term in Years | |
9.95% | Interest Rate | |
4,369.39 | Monthly Payment | =-PMT(B4/12,B3*12,B2,0) |
11,909.56 | Finance Charge | |
488,090.44 | Amount Financed | =B2-B6 |
10.238% | APR for fully amortized loan | =12*RATE(B3*12,-B5,B7,,0) |
119 | Payments of $4369.39 | 119 months, then balloon payment due |
454,932.67 | Principal Balance at month 119 | =SUM(CUMPRINC(B4/12,B3*12,B2,1,B10,0))+B2 |
3,772.15 | Accrued Interest, month 120 | =SUM((B13*B4)/360)*30 |
458,704.82 | Balloon Payment (10 year mark) | =B13+B14 |
9.417% | INCORRECT APR Balloon | =12*RATE(A3*12,-A5,A2,A14,1) This is the part I'm struggling with several days without an answer. |
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Can anybody show me how to calculate the Annual Percentage Rate on a loan with a balloon payment (as shown above).