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 FileMaker Pro Custom Functions

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Monthly Payment ( Loan Amount ; APR ; Term ; Days To First Payment

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  Average rating: 3.9  (45 votes)
  Discuss this Custom Function

Michael Myett, FileMaker Apps
http://filemakerapps.biz

Calculate monthly payments with odd-days interest.

Sample Input:
Monthly Payment ( 15000 ; .07 ; 60 ; 45 )
Sample Output:
297.88


 Then copy & paste into FileMaker Advanced's Edit Custom Function window.

Click here to copy To Clip Manager if you have myFMbutler's Clip Manager installed

Description:

FileMakers PMT function calculates monthly payments based on the first payment being 30-days from loan inception. This period of time can actually be up to 45-days, for example, to adjust the payment date to a comfortable time of the month for your customer.
This custom function will accurately calculate the correct monthly payment, including odd-days interest, for any simple interest loan. Try using this function and compare the results to FileMakers standard PMT function; you'll see there is a slight difference in the payments.

Note: these functions are not guaranteed or supported by BrianDunning.com. Please contact the individual developer with any questions or problems.

This is my Custom Function and I want to edit it

Discuss:

How can i use this function . I have no idea. would u please kindely expain

achyoot sapkota, Kathmandu
September 19, 2011 6:26am

This Function was almost perfect, now that it's Truncated it works flawless and it will match any Financial Institutions using "Days to First Payment". Congratulations Michael Myett, you did great.


Truncate ( Let ( [ Amount Financed = Financed + If ( Days Before First Pmt ≠ 30 ; ((( Percentage Rate / 1200 ) * ( Days Before First Pmt -30 )) / 30 ) * Financed ; 0 ) ; IntRate = Percentage Rate / 1200 ] ; PMT ( Amount Financed ; IntRate ; Terms )) ; 2 )

Gary Campla, Jacksonville, FL
December 02, 2012 9:37pm

Make a comment about this Custom Function (please try to keep it brief & to the point). Anyone can post:

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characters left. If you paste in more than 1500 characters, it will be truncated. Discuss the function - advertisements and other useless posts will be deleted.
Answer 5 + 5 =
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