Brian Dunning's FileMaker Custom Functions

InterestRateBalloon ( principal ; balloon ; payment ; periods ; rate )

Find the interest rate for a balloon note

  Average rating: 4.3 (32 votes) Log in to vote

Ralph Lilienkamp   Ralph Lilienkamp
Self
none

Share on Facebook Share on Twitter

  Sample input:
98000; 41000; 1448; 60; .006
  Sample output:
.0066557976491636

  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.

 

Comments

Log in to post comments.

 

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

Under construction. Email me your wish list for improvements.