EMI calculations with a Balloon Payment

[thepushkarsingh]

I want to create/use a function which takes ballon payment in the end period to give EMIs. For example, a loan at 4% annually of 1000 for 12 months with a balloon payment of 100 at the end will have an EMI of 76.97. An equivalent to Excel formula = PMT(RATE,N,PV,[FV],[type]). There is an option in Excel of FV which doesn't seem to be in SAS function PMT.

Any help is deeply appreciated.

(P.S. - PROC LOAN is not an option as it takes too much time to calculate it for each row)

[ballardw · Accepted solution]

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@thepushkarsingh wrote:

I want to create/use a function which takes ballon payment in the end period to give EMIs. For example, a loan at 4% annually of 1000 for 12 months with a balloon payment of 100 at the end will have an EMI of 76.97. An equivalent to Excel formula = PMT(RATE,N,PV,[FV],[type]). There is an option in Excel of FV which doesn't seem to be in SAS function PMT.

Any help is deeply appreciated.

(P.S. - PROC LOAN is not an option as it takes too much time to calculate it for each row)

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The FINANCE functions PMT and PPMT both have FV as options.

FINANCE('PMT', rate, nper, pv, <fv>, <type>); 

FINANCE('PPMT', rate, period, nper, pv, <fv>, <type>); 

[thepushkarsingh]

Thank you very much! There's so much to know in SAS.