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#1
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Principle and interest formula - Help
Hi,
Can some one help me with the following. I have had this formula working in a spredsheet for a while now and have realsied it has a limitation. =IF(AND(I23="IO",L23"",N23""),L23*N23,IF(AND(I 23="PI",L23""),PMT(0.09,30,-L23),"")) As you can see the Principle & Interest is worked out at a static 9%. Can someone show me the alteration within this formula (everything else in the formula is working perfectly) required for the P&I part of the formula to read the interest rate placed in N23 (as the formula does for the interest only formula). ? |
#2
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Principle and interest formula - Help
Try
=IF(AND(I23="IO",L23"",N23""),L23*N23,IF(AND(I 23="PI",L23""),PMT(N23,30,-L23),"")) will give you the same result as your formula below if N23 is equal to 0.09 "Scoober" wrote: Hi, Can some one help me with the following. I have had this formula working in a spredsheet for a while now and have realsied it has a limitation. =IF(AND(I23="IO",L23"",N23""),L23*N23,IF(AND(I 23="PI",L23""),PMT(0.09,30,-L23),"")) As you can see the Principle & Interest is worked out at a static 9%. Can someone show me the alteration within this formula (everything else in the formula is working perfectly) required for the P&I part of the formula to read the interest rate placed in N23 (as the formula does for the interest only formula). ? |
#3
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Principle and interest formula - Help
Thanks Sheeloo, The problem here is that the interest rate (so it's understandable to my clients is inputted in N23 as 6.65%. So by adding (N23,30,-L23),"")) it accually multiplies 6.65x30-L23 where I need the formula to read N23 as 0.0665 and then complete the rest of the formula ( ,30-L23),"")) How does the interest only formula calculate it correctly but not the P&I formula? I hope this makes sense? "Sheeloo" wrote: Try =IF(AND(I23="IO",L23"",N23""),L23*N23,IF(AND(I 23="PI",L23""),PMT(N23,30,-L23),"")) will give you the same result as your formula below if N23 is equal to 0.09 "Scoober" wrote: Hi, Can some one help me with the following. I have had this formula working in a spredsheet for a while now and have realsied it has a limitation. =IF(AND(I23="IO",L23"",N23""),L23*N23,IF(AND(I 23="PI",L23""),PMT(0.09,30,-L23),"")) As you can see the Principle & Interest is worked out at a static 9%. Can someone show me the alteration within this formula (everything else in the formula is working perfectly) required for the P&I part of the formula to read the interest rate placed in N23 (as the formula does for the interest only formula). ? |
#4
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Principle and interest formula - Help
=IF(AND(I23="IO",L23"",N23""),L23*N23,IF(AND(I 23="PI",L23""),PMT(N23,30,-L23),""))
with N23 equal to 0.09 and =IF(AND(I23="IO",L23"",N23""),L23*N23,IF(AND(I 23="PI",L23""),PMT(0.09,30,-L23),"")) should give you the same answer. Pl. note that if you enter 9 in a cell and then format it as %, it will give you 900% You may try =IF(AND(I23="IO",L23"",N23""),L23*N23,IF(AND(I 23="PI",L23""),PMT(N23/100,30,-L23),"")) In a cell play with =N23/100 =N23/3000 etc. till you get the number you expect and replace 0.09 by that formula (without the = sign) |
#5
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Principle and interest formula - Help
The correct answer for $200,000.00 @ 9% on a P&I calculation is $19,467.27
By using the formula: =IF(AND(I23="IO",L23"",N23""),L23*N23,IF(AND(I 23="PI",L23""),PMT(N23/100,30,-L23),"")) I get an answer of $6,760. Is the N23/100 bit of the calculation changeing 9% to 0.09 before it calculates ,30,-L23 ? Cheers Scott "Sheeloo" wrote: =IF(AND(I23="IO",L23"",N23""),L23*N23,IF(AND(I 23="PI",L23""),PMT(N23,30,-L23),"")) with N23 equal to 0.09 and =IF(AND(I23="IO",L23"",N23""),L23*N23,IF(AND(I 23="PI",L23""),PMT(0.09,30,-L23),"")) should give you the same answer. Pl. note that if you enter 9 in a cell and then format it as %, it will give you 900% You may try =IF(AND(I23="IO",L23"",N23""),L23*N23,IF(AND(I 23="PI",L23""),PMT(N23/100,30,-L23),"")) In a cell play with =N23/100 =N23/3000 etc. till you get the number you expect and replace 0.09 by that formula (without the = sign) |
#6
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Principle and interest formula - Help
Is the N23/100 bit of the calculation changeing 9% to 0.09 before it
It changes 9 to 0.09. If you already have 9% then it will change it to 009% giving you the wrong answer. With 9% in N23, PI in I23, and 200000 in L23 =IF(AND(I23="IO",L23"",N23""),L23*N23,IF(AND(I 23="PI",L23""),PMT(N23,30,-L23),"")) will give you $19,467.27 "Scoober" wrote: The correct answer for $200,000.00 @ 9% on a P&I calculation is $19,467.27 By using the formula: =IF(AND(I23="IO",L23"",N23""),L23*N23,IF(AND(I 23="PI",L23""),PMT(N23/100,30,-L23),"")) I get an answer of $6,760. Is the N23/100 bit of the calculation changeing 9% to 0.09 before it calculates ,30,-L23 ? Cheers Scott "Sheeloo" wrote: =IF(AND(I23="IO",L23"",N23""),L23*N23,IF(AND(I 23="PI",L23""),PMT(N23,30,-L23),"")) with N23 equal to 0.09 and =IF(AND(I23="IO",L23"",N23""),L23*N23,IF(AND(I 23="PI",L23""),PMT(0.09,30,-L23),"")) should give you the same answer. Pl. note that if you enter 9 in a cell and then format it as %, it will give you 900% You may try =IF(AND(I23="IO",L23"",N23""),L23*N23,IF(AND(I 23="PI",L23""),PMT(N23/100,30,-L23),"")) In a cell play with =N23/100 =N23/3000 etc. till you get the number you expect and replace 0.09 by that formula (without the = sign) |
#7
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Principle and interest formula - Help
Thanks for all the help Sheeloo. Your formula worked a treat.
I tried to rate your post but always got told that this service is not available. I give you full marks!!! Cheers Scott "Sheeloo" wrote: Is the N23/100 bit of the calculation changeing 9% to 0.09 before it It changes 9 to 0.09. If you already have 9% then it will change it to 009% giving you the wrong answer. With 9% in N23, PI in I23, and 200000 in L23 =IF(AND(I23="IO",L23"",N23""),L23*N23,IF(AND(I 23="PI",L23""),PMT(N23,30,-L23),"")) will give you $19,467.27 "Scoober" wrote: The correct answer for $200,000.00 @ 9% on a P&I calculation is $19,467.27 By using the formula: =IF(AND(I23="IO",L23"",N23""),L23*N23,IF(AND(I 23="PI",L23""),PMT(N23/100,30,-L23),"")) I get an answer of $6,760. Is the N23/100 bit of the calculation changeing 9% to 0.09 before it calculates ,30,-L23 ? Cheers Scott "Sheeloo" wrote: =IF(AND(I23="IO",L23"",N23""),L23*N23,IF(AND(I 23="PI",L23""),PMT(N23,30,-L23),"")) with N23 equal to 0.09 and =IF(AND(I23="IO",L23"",N23""),L23*N23,IF(AND(I 23="PI",L23""),PMT(0.09,30,-L23),"")) should give you the same answer. Pl. note that if you enter 9 in a cell and then format it as %, it will give you 900% You may try =IF(AND(I23="IO",L23"",N23""),L23*N23,IF(AND(I 23="PI",L23""),PMT(N23/100,30,-L23),"")) In a cell play with =N23/100 =N23/3000 etc. till you get the number you expect and replace 0.09 by that formula (without the = sign) |
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