InterestRateBalloon ( principal ; balloon ; payment ; periods ; rate )
Find the interest rate for a balloon note
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Ralph Lilienkamp - Show more from this author
Function definition: (Copy & paste into FileMaker's Edit Custom Function window)
This calculation uses an itertive method to solve the equation for the interest rate. It starts with an estimated rate and calculates a new rate. If the 2 rates are close enough the calculation quits. If not, the new rate is used as the estimate and the calculation is repeated. Each iteration brings the calculated rate closer to the estimaed rate.
Do not use zero as an intial rate.
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