Calculating APR on a loan

[t1grm]

Does anyone know an online tool that will allow you to calculate the APR of a loan?

I can find plenty that will calculate your monthly repayments if you plug in the loan amount, length and APR but that’s not what I need.

However, I need a tool that will allow me to plug in the loan, deposit, length, monthly repayments and balloon and get the APR out the other end.

Alternatively if someone can give me the formula I’ll work it out in Excel. I haven’t been able to get close in Excel so far.

[Eric Mc]

No one knows.

I asked Barclays years ago how it was worked out an no one could answer me.

Ands it is not consistently calculated. Different lenders use different techniques.

[lazyitus]

I have such a machine infront of me.

If you give me the variables, I can work it out for you.

ETA: Its a works machine so I cannot lend it to you unfortunately!

I'm going for my dinner now - back shortly.

>> Edited by lazyitus on Friday 1st July 13:07

[chris.mapey]

Check which one of the methods (I believe there's 14)is used....

You gotta love the finance industry (and you thought the motor trade was bad)



Chris

[t1grm]

MS Money worked it out OK for me last night but I'd like to check it again. I wonder what method MS Money uses.

Is there a site of all the different formule?

[groucho]

Here you go Link



>> Edited by groucho on Friday 1st July 15:17