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09.12.2008 at 09:51AM PDT, ID: 23727036
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9.3

Loan payment and fee caculation with a ceiling

Asked by dcollins4131 in Microsoft Excel Spreadsheet Software, Math & Science

Tags: , , ,

I need to know if I can create a formula for the following.

I have a lender #1, who's max loan amount is (50,000), now he charges 1% financing fee per draw down on the loan.  In the first month, I sum and get a number of (20,000) needed, so we add the fee (200) and we get a ending balance of (20,200), the next month comes a long and the needed funds is (35,000), but I need the ending balance of the loan to be (50,000), including the correct caculation for the fee of 1%.  I need to know how or the formula to caculate the correct or max draw down amount, which them will caculate the correct fee amount to bring the ending balance to (50,000), the max loan amount.  

Yes, I have used the solver function, and I know the amount is (29,505), but I need it in a formula so I can drag across a time period.

Currently I utilize the following rows, with periods for columns:

Beginning Balance
Draw Down
Financing Fees
Repayment
Ending Balance

Any help would be very much appreciated.Start Free Trial
 
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[+][-]09.12.2008 at 10:48AM PDT, ID: 22462195

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About this solution

Zones: Microsoft Excel Spreadsheet Software, Math & Science
Tags: Microsoft, Excel, 2007, Loan fee caculation with a ceiling
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Solution Provided By: zorvek
Participating Experts: 1
Solution Grade: A
 
 
[+][-]09.12.2008 at 05:40PM PDT, ID: 22465049

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[+][-]09.12.2008 at 06:00PM PDT, ID: 22465098

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[+][-]09.12.2008 at 06:14PM PDT, ID: 22465140

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[+][-]09.12.2008 at 06:23PM PDT, ID: 22465176

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