Let's say we borrow a loan of $1000. We pay back to bank $100 per month but for some stupid reason the last payment is smaller and equals $50. This is a common case in my country. How then the APR should be calculated? Here is the schedule plan:
May I refer to the following Q/A:
I want to construct VBA code to calculate it. If the author of accepted answer wishes, he may be included as coauthor of the VBA code.
Edit February 23, 2015
I have answered this question with a VBA code for Excel user defined function. As promised author of accepted answer is co-author of the code. Thanks!