opinions on financial calc software

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From: Toyo Spares

My apologies if this post is considered inappropriate for this forum.

What I am after is opinions/recommendations on some good loan calculation software.

It must be able to calculate based on Australian loan conditions.

i.e. allow weekly repayments, calculate interest, daily (preferably charge monthly) etc.

In particular I'm after a package that will calculate the repayments
required given the starting balance, an interest rate and the desired residual after X period of time. e.g. I borrow \$150k @ 7% pa and would like \$70k outstanding balance after 2 years, what are my weekly repayments.

I know I can do this by manually changing the repayment figure until the appropriate balance figure is achieved in the appropriate cell of the amortization table but, some software to do it automatically would be great.

Short of writing something in Excel, anyone seen anything that can do this ?

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From: Owen .

Use the PMT function in Excel.

PMT(rate,nper,pv,fv,type)

rate = 7%/52 (weekly interest rate)
nper = 52*2 (number of payments * 2 years)
pv = -150000 (present value of loan)
fv = -70000 (future value of loan)
type = 0 (payment at the end of the period)

The answer is \$2174.11 per week. Phew!!! Obviously each of the fields can be assigned to cells in the spreadsheet so you can set it up to be nice and flexible. The "Help" function has good examples.

Owen
(aka Mary in the old forum)

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From: Michael G

Hi,

Email me at home (mgruber@bigpond.net.au) I've played with Excel alot writing such spreadsheets and may have one or two that may interest you.

Michael

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