TOTALINT
Updated: 31 October 2010
Use TOTALINT to calculate the total interest on a loan or lease.
Syntax
SELECT [westclintech].[wct].[TOTALINT] (
<@Nper, float,>
,<@Pmt, float,>
,<@PV, float,>
,<@FV, float,>)
Arguments
@Nper
The number of periods in the loan or lease. @Nper is an expression of type float or of a type that can be implicitly converted to float.
@Pmt
The payment amount of the loan or lease. @Pmt is an expression of type float or of a type that can be implicitly converted to float.
@PV
The amount of the loan or lease. @PV is an expression of type float or of a type that can be implicitly converted to float.
@FV
The residual amount of the loan or lease. @FV is an expression of type float or of a type that can implicitly be converted to float.
Return Type
float
Remarks
· @Nper must greater than 1
· TOTALINT expects, but does not require, that @PV, @FV, and @PMT all have the same sign.
Example
Calculate the total interest on a $3,000 loan with 15 monthly payments of $215.
SELECT wct.TOTALINT(
15 --Number of payments
,215 --Monthly payment
,3000 --Amount of the loan
,0 --residual value
) as TOTALINT
This returns the following result.
TOTALINT
----------------------
225
(1 row(s) affected)
Calculate the total interest on a $30,000 loan with a $5,000 balloon payment at the end of 48 periods and a payment amount $595.02
SELECT wct.TOTALINT(
48 --Number of payments
,595.02 --Monthly payment
,30000 --Amount of the loan
,5000 --residual value
) as TOTALINT
This produces the following result.
TOTALINT
----------------------
3560.96
(1 row(s) affected)