I'm trying to figure out how the bank calculated the minimum payment for a personal loan.
- Starting Principle: $6,800
- Interest Rate: 13.750%
- Loan Term: 36 months
- Payment Frequency: Monthly
- Start Date: Jan 5
- First Payment: Feb 2
I've been able to calculate the interest in a spreadsheet like this:
=ACCRINTM(Jan 5, Feb 2, 13.750%, 6800, 3)
And this correctly comes out to $71.726, which according to the bank is $71.72. Assuming they rounded down here...?
They've calculated the minimum payment as $231.47. I haven't been able to figure out how they got to this number.
The closest I've been able to get is with this:
=PMT(13.75%/12, 12*3, -6800, 0, 0)
Which comes out to be $231.583, $0.113 off. I know that the above calculation is meant for monthly amortization.
I've tried this, which I got off a message board thread:
=roundup(pmt(fv(13.75%/360, 30, 0, -1)-1, 12*30, -6800), 2)*3
But this comes out to be $238.92, which is even farther off. I've tried adjusting the above to 365 and that gives me $235.86. The other suggestions in that thread go well above $231.
Does anyone know how I would calculate $231.47?