turn on suggestions

Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.

Showing results for

Find a Community

- Home
- /
- SAS Programming
- /
- Base SAS Programming
- /
- Using Rate Function to Calculate APR% for a Lease

Topic Options

- RSS Feed
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page

- Mark as New
- Bookmark
- Subscribe
- RSS Feed
- Permalink
- Email to a Friend
- Report Inappropriate Content

08-01-2017 12:06 PM

I'm on SAS EG version 5.1

I'm attempting to use SAS Finance 'Rate' function to calculate the APR for a lease.

In excel the following formula works:

=RATE(TERM,,SUM_PAYMENTS - FINANCED AMOUNT,LEASE_RESIDUAL,**0**)*12;

For a lease with the following values the APR is 2.89%

FINANCED_AMOUNT = **31050.45**;

LEASE_RESIDUAL = **22452**;

TERM = **24**;

SUM_PAYMENTS = **9856.83**;

When I attempt the same formula using the SAS RATE function in a data step, I get a '.' result.

Looking for a way to fix this formula or a different function that would get me to the same APR excel does.

Thank you!

- Mark as New
- Bookmark
- Subscribe
- RSS Feed
- Permalink
- Email to a Friend
- Report Inappropriate Content

Posted in reply to Neville

08-01-2017 03:24 PM

Please show the code you were attempting. It may help to provide what kind of "RATE" you are looking for since Finance stuff has a plethora of rates.

If you used the Finance('RATE', ....) function that calculates the interest rate of an annuity. Is that what you wanted? It seems unlikely given the name of your variables Financed_Amount and Lease_residual