APR - Interest Rate

[AndyShuter]

Can someone please help me with this one???

I need to work out the interest given the following inputs.

LOAN AMOUNT
TERM (MONTHS)
APR

I've done it OK in Excel, but it doesn't seem to want to work in a query!

Any suggestions are much appreciated

Andy

 

[Mile-O]

Here's a function I have tucked away:

The parameters passed are:

sngPrincipal = intial amount of money
sngInterest = interest rate
sngTotalYears = number of years to calculate on
sngTimesCompounded = how many times interest is calculated in a year

Function Interest(ByRef sngPrincipal As Single, ByRef sngInterest As Single, _
    ByRef sngTotalYears As Single, ByRef sngTimesCompounded As Single)
   
    Dim q As Single ' work out brackets
    
    sngTotalYears = sngTotalYears * sngTimesCompounded
    
    q = 1 + ((sngInterest / 100) / sngTimesCompounded)
    
    Dim a As Single
    
    a = q ^ sngTotalYears
    
   Interest = sngPrincipal * a

End Function

Hope it helps...

 

[pdx_man]

Have you looked up Finincial Functions in Access Help? Need more info. Is this for a regular annuity or daily simple interest? Do you need the 1st month of interest ... all of the interest for the life of the loan or the interest on the nth month, given regular amortization? Do you have the payment amount? Could there be balloon loans? Negative Amortization loans?

Lots of questions, I know ... I work for a mortgage company and this is never a simple question.

If you are looking for the interest portion of a payment, check out the IPmt function.