<div>
I tried that function in excel before i posted but it gave me totally the wrong amount. I will double check now. What is the formula that underlies the excel PMT function. I only need to consider the principal, number of payments and interest rate.
</div>


I tried that function in excel before i posted but it gave me totally the wrong amount. I will double check now. What is the formula that underlies the excel PMT function. I only need to consider the principal, number of payments and interest rate.

<div>
Much obliged. Saved me hours of time :)
</div>


<div>
<div class="content wysiwyg-content">
Hi<br />
<br />
I'm looking at this online calculator and I cant see what formula they are using to calculate the repayments<br />
<a href="http://www.carfinance247.co.uk/car-finance/car-finance-calculator.htm" rel="ugc">http://www.carfinance247.co.uk/car-finance/car-finance-calculator.htm</a><br />
<br />
Example 6000 at a flat rate loan over 24 months with interest of 5.6% is<br />
<br />
(6000 * 0.056 * 2) + 6000 / 24 gives 278 per month whereas there's is 264. Most car finance companies in the uk are flat rate :( so I was wondering what these guys are using.<br />
<br />
The interest rate for each credit rating can easily be seen in the html<br />
<br />
The APR isnt of interest at this point<br />
<br />
Thanks
</div>
</div>


Hi

I'm looking at this online calculator and I cant see what formula they are using to calculate the repayments
http://www.carfinance247.co.uk/car-finance/car-finance-calculator.htm

Example 6000 at a flat rate loan over 24 months with interest of 5.6% is

(6000 * 0.056 * 2) + 6000 / 24 gives 278 per month whereas there's is 264. Most car finance companies in the uk are flat rate :( so I was wondering what these guys are using.

The interest rate for each credit rating can easily be seen in the html

The APR isnt of interest at this point

Thanks

what formula are they using to calculate loan repayment amounts

The Math / Science topic primarily includes discussions of mathematics, physics, statistics and economic analysis, but also biology, chemistry and other sciences.