How to calculate effective APR (advanced)?

Answers:0   |   LastUpdateAt:2012-09-30 12:58:02  

Asked at 2012-09-30 12:58:02
I'm doing a project where I'm trying to provide an accurate calculator for April with given inputs , such as loan amount , interest rate , the additional costs and the number of payments using an Excel spreadsheet . I solved the formula using the Newton-Raphson method to 100 times , as I realized this should give me a fairly accurate answer . However, when I type in the initial conditions in an April online calculator banks like RBS , Halifax , etc , my APR is slightly different by 0.01 % , but my monthly payments may vary from tens of pounds . Could someone tell me where I'm going wrong ? MedlinePlus Please do not say "well, this is how complicated," I know it , I have college-level math for me :) MedlinePlus Thanks in advance !

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