0 Replies Latest reply on Dec 23, 2010 8:49 AM by carfiles

    FINANCIAL; Formula to find APR%

    carfiles

      Title

      FINANCIAL; Formula to find APR%

      Post

      I am looking to find what the APR is given the fact that I know the number of MONTHS, the PRINCIPAL, the FINANCE CHARGE and the AMOUNT OF MONTHY PAYMENTS.

      $9,000.00 IS THE PRINCIPAL

      $3,960.00 IS THE AMOUNT OF INTEREST

      $270.00 ARE THE MONTHLY PAYMENTS

      48 IS THE NUMBER OF MONTHS

      In this case I know the answer is 19.19%, but I need the formula that I can program in Filemaker Pro so that I can use in many different scenarios. I am not a math wiz and I am stumped. I have a link to view an online calculator that does this and gives the correct formula but I can't translate it to Filemaker format.

      http://www.efunda.com/formulae/finance/loan_calculator.cfm

      Also in excel the formula seem simple enough

      =RATE(MONTHS,PAYMENTS,PRINCIPAL)*12     >>>RETURNS 19.19%

      Someone please help me, I'll greatly appreciate it.