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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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 | 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 | 
 | 
 | 
| 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 ] | 
 | |||
| 
 | )  | ||||
| 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