How Do You Calculate Payout Figures?

[Flukey]

Assuming the car value is $46,000

Interest rate is 7.25%

Term is 48 months

Residual is 40%

What would the payout figures be at

24 months

30 months

36 months

42 months

What is the XL formula to calculate it?

Thanks,

[Ford Grunt]

Are you talking about a paying a lease or Hire Purchase out early? or a mortgage? Reason I ask cause you won't get any savings by paying it out early.

Here is a a web based version example of the calculator I use at work (tvalue) to calculate the a missing variable such as working out what the monthly lease payment based on a the rest of the information, or simply to get the spread of the interest deduction pa for hire purchase agreements.

For example I worked out the monthly repayment for you example would be $775.29 pm based on $18,400 residual (40%).

http://www.tcalc.com/tvwww.dll?CalcLease

Let me know if this helps if you like.

Cheers,

Ford Grunt (Ben)

[Flukey]

  Ford Grunt said:

Are you talking about a paying a lease or Hire Purchase out early? or a mortgage? Reason I ask cause you won't get any savings by paying it out early.

Here is a a web based version example of the calculator I use at work (tvalue) to calculate the a missing variable such as working out what the monthly lease payment based on a the rest of the information, or simply to get the spread of the interest deduction pa for hire purchase agreements.

For example I worked out the monthly repayment for you example would be $775.29 pm based on $18,400 residual (40%).

http://www.tcalc.com/tvwww.dll?CalcLease

Let me know if this helps if you like.

Cheers,

Ford Grunt (Ben)

Thanks Ben.

The calcs were for a motor vehicle HP but that calculator gives me the amortization schedule which is exactly what I am after.

Luke.

[Guest newl]

A quick call to FMC always answered that question for me. Calling your financial institution should surely produce the same results.

[jetute]

I use to work for ge automotive.... and to be perfectly honest.... if you rang them up and asked how do I work out the payout figure they could not tell you.... they just press a button and its done.... but dont ask someone to work it out manually as its not going to happen.... I remeber people trying and it was a ridiculous process to try and get there.

[sharkey]

  flukeyluke said:

Assuming the car value is $46,000

Interest rate is 7.25%

Term is 48 months

Residual is 40%

What would the payout figures be at

24 months

30 months

36 months

42 months

What is the XL formula to calculate it?

Thanks,

<{POST_SNAPBACK}>

Approximate figures only assuming now penalties, additional fees etc

24 months - $36,018

30 months - $32,621

36 months - $26,065

42 months - $25,447

Each month just add the interest on the balance and then subtract the payment to come up with a new balance. Repeat for 48 months. It is a very simplified version of the calculation but it is close enough to give you an idea.

Edited 03/04/06 03:25 AM by sharkey

[XRBloke]

From experience add an extra 2 - 3 k on the above figure and you wont be far off.

Westpacs Payout figure on my car is about 3 grand more then my ammortization, thankfully I only have about 15 months left on my lease, then ill be paying cash for a new one out of my homeloan