FASB 91 - Need help with calculating

[n2nhl9]

I've been searching online to find a way to use excel to calculate the effective APR for some loans that have the wrong effective APR. We do auto lending and pay origination fees to dealers, yet I can't find anything that would give me the formulas to use to get the right rate. Here's an example of what I'm trying to do.

Contract date: 5/30/11
1st pymt: 7/14/11
Payment: $432.91
# pymts: 72
Interest rate: 7.49%
Unamortized fee: -249.67
Effective apr: 7.136%

My question is what would I need to enter into excel in order for it to give the the effective APR of 7.136%?

Thanks!

 

[MikeWx]

It's the correct value if you want the monthly Internal Rate of Return. I forgot to say that you need to multiply the result by 12 to get the annual Internal Rate of Return. My mistake.

Mike

 

[xenou]

You sir are a genius
I'm going back to school...

 

[n2nhl9]

Okay, I will add that tomorrow and see what happens. So far this is looking very promising!

Thanks again!