Posted by Julia on January 20, 2003 at 12:55:28:
In Reply to: Calculator Problem posted by Abel on December 17, 2002 at 11:32:29:
I'm pretty new at this, but here are my calculations for your yield.
Loan as written
N= 36, I=11%, PV=25000, PMT=818.47
First you have to calculate your interest for the first three months.
N=3, I=11%, PV=22544.59, PMT=0, FV=23170.27
Then for the remaining time
N=33, PV=23170.27, PMT=818.47, then your yield is I=11.15%