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| 1.............. |
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| PM1..................... | PM2 ............ |
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| Last | 1............... |
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| PM1.................. |
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| PM2 ............... | Last | ||||||||||||||||||||||||||||||||||
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| Number of Payments |
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a: Interest portion of payment PM1 (INT) INTPM1 = I
b: Principal portion of payment PM1 (PRN) PRNPM1 = PMT +
c: Principal balance upon completion of payment PM2 (BAL)
BALPM2 =
d: Total principal paid from payment PM1 to payment PM2 (ΣPRN)
ΣPM2 PRN = PRNPM1 + PRNPM1+1 + .... + PRNPM2
PM1
e: Total interest paid from payment PM1 to payment PM2 (ΣINT)
• a + b = one repayment (PMT)
Σ INT = INTPM1 + INTPM1+1 + .... + INTPM2 | ||
PM2 |
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PM1 | = PV |
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BAL0 | Payment: End (Format tab) | |
INT1 = 0, PRN1 = PMT ... Payment: Begin (Format tab)
Converting between the Nominal Interest Rate and Effective Interest Rate
The nominal interest rate (I% value input by user) is converted to an effective interest rate
(I%') for installment loans where the number of annual payments is different from the number of annual compoundings calculation periods.
I%' = {(1+ | I% |
| [C / Y ] | }⋅100 | |
| [P / Y ] |
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| ) | ||||
100 ⋅ [C / Y ] | |||||
The following calculation is performed after conversion from the nominal interest rate to the effective interest rate, and the result is used for all subsequent calculations.
i = I%'⎟100
20060301