October 14, 2008 at 2:48 pm
I am trying to calculate a fixed payment on a variable rate loan with the following variables
Loan amount = $10,000
Total length of loan = 60 months
where the Rate = 1.50% for 24 months then 4.90% for 24 months
Can anyone provide me any assistance. I've done this with the EXCEL PMT() function using the FV option and "iterations" but cannot seem to duplicate in T-SQL.
Thanks in advance.
October 14, 2008 at 4:04 pm
mchristy (10/14/2008)
I am trying to calculate a fixed payment on a variable rate loan with the following variablesLoan amount = $10,000
Total length of loan = 60 months
where the Rate = 1.50% for 24 months then 4.90% for 24 months
Can anyone provide me any assistance. I've done this with the EXCEL PMT() function using the FV option and "iterations" but cannot seem to duplicate in T-SQL.
Thanks in advance.
Considering you're saying the loan is 60 months, but you're only providing rates for 48 months, I'd say you're missing something. You also aren't specifying compounding periods, compounding at the beginning or ending of the period, etc....
As to calculating your payment - it's a straight math problem. The first part of the problem is to "flatten out your rate", i.e. derive what the flat interest rate is that is equivalent to your variable rate, and then use that in the payment calculation.
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Your lack of planning does not constitute an emergency on my part...unless you're my manager...or a director and above...or a really loud-spoken end-user..All right - what was my emergency again?
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