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Calculating accruing interest/monthly payment

Bob476
in Calculation Engine (Define Fields)

Featured Replies

OK, not sure how to do this, but here's what I need. I have the following fields:

BALANCE

INTERESTRATE

MONTHSTOPAY

So if I have a balance of 2000, interest rate is 9% and monthstopay is 6, what field calculation do I need in order to calculate the resulting monthly payments and/or the total payment, assuming all payments are made on time?

Take a look at the "financial functions" available when creating a calculation.

Pete

Ok, I was being lazy.

The monthly payment is:

PMT (balance, interest rate/12, months to pay)

The total payment is the above result * months to pay.

Pete

  • Author

Thanks! That was quick!!

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