User Manual

12
•
FC = (G - AMT - CL)
Rule of 78's Rebate
•
PV = finance charge.
•
I
k
= interest charged at month k.
•
n = number of months in loan.
•
I
k
=
2(n - k + 1)
n(n + 1)
PV
•
Rebate =
(n - k)I
k
2
•
BAL
k
= (n - k) x PMT - Rebate
k
Skipped Payments
•
A = number of payments per year.
•
B = number of years.
•
C = annual percentage rate as decimal.
•
D = periodic payment amount.
•
E = loan amount.
•
K = number of last payment before payments close the first time.
•
L = number of skipped payment.
D
END
=
E
1 -
1 +
C
A
-
AB
x
1 +
C
A
A
- 1
C
A
1 +
C
A
A
-
1 +
C
A
A -
K
+ 1 +
C
A
A -
L -
K
-
1
D
BEGIN
=
D
END
1 +
C
A
Savings