Loan/Lease Interest Calculator Problem

[mgawley]

Hi there,

I've been searching google high and low for a spreadsheet that can help me with an analysis I'm trying to run. I manage a golf course and every few years, I have to turnover our power cart fleet. It's always a question of how many carts we can afford based on our budget. So I was hoping to find a Loan/Lease Calculator that can calculate monthly payments. Here's the catch. Many leasing companies offer us a 6 on/6 off monthly payment structure as we are a very seasonal golf course. I'm not sure how I would adjust the 'stock' interest calculator to take the 6 on/6 off into account.

Any thoughts would be helpful.

 

[svendiamond]

Can you give an example of what you already have?

 

[joeu2004]

I manage a golf course and every few years, I have to turnover our power cart fleet. It's always a question of how many carts we can afford based on our budget. So I was hoping to find a Loan/Lease Calculator that can calculate monthly payments. Here's the catch. Many leasing companies offer us a 6 on/6 off monthly payment structure as we are a very seasonal golf course.

For my edification, could explain the terms of the lease agreement in more detail?

For example:
Lease value: 500,000
Term: 4 years
Annual interest rate: 4%
Residual value: 50,000 (value at end of lease)
Lease date: 4/1/2015 (when equipment is transferred to lessee)
1st payment date: 4/1/2015

Typically, the first payment is due when the equipment is transferred to the lessee. So the two dates might seem redundant. But....

I am not sure what "6 on, 6 off" means. Perhaps 6 months of payments followed by 6 months accruing interest without payments. Or perhaps interest-only payments during the latter 6 months.