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Hoping to draw on the help of an APR genius on this challenge that so far Excel / Finance and Mathematicians are struggling to find a solution on.
I have 5,000 loan details that I need to calculate the APR for. However, I only have the following information:-
Original Loan Amount (i.e. £10,000)
Term of Loan (i.e. 120 months)
Total Payable (i.e. £13,000)
Question is how can I work out the APR based solely on this information? I am trying to solve this using Excel, data being columns A to C. In column D, I want the APR to be calculated.
One person suggested calculating the IRR and using that but I do not have the monthly payment amount for these loans, only the starting and end point.
Anyone help with this .... you're my last hope of saving my bacon ..... thank you :-)
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Last edited by sablebaby; 12-24-2007 at 02:59 PM..
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