Need Excel / Google Sheets Formula
Budget: $30 – $250 USD
GOAL: To establish a formula that lets us know what the interest rate is on the second loan when the following numbers are inserted... Loan amount on both 1st, and 2nd loan, interest rate on the first loan, and weighted average interest rate of the two loans.
See this video link (In this video, I say 1st Lien and 2nd Lien. That is the same as 1st Loan and 2nd Loan):
https://www.loom.com/share/ec1c98bf134643d4b9e79fbb81781790
See this spread sheet link:
https://docs.google.com/spreadsheets/d/18XUe1MPW3G7nYNDd4bIXc-akB8lP17OAaX3gsETic8E/edit?usp=sharing
More information on Weighted Interest Rate:
https://www.savingforcollege.com/article/how-to-calculate-the-weighted-average-interest-rate#:~:text=A%20weighted%20average%20interest%20rate,by%20the%20total%20loan%20balance.
See this video link (In this video, I say 1st Lien and 2nd Lien. That is the same as 1st Loan and 2nd Loan):
https://www.loom.com/share/ec1c98bf134643d4b9e79fbb81781790
See this spread sheet link:
https://docs.google.com/spreadsheets/d/18XUe1MPW3G7nYNDd4bIXc-akB8lP17OAaX3gsETic8E/edit?usp=sharing
More information on Weighted Interest Rate:
https://www.savingforcollege.com/article/how-to-calculate-the-weighted-average-interest-rate#:~:text=A%20weighted%20average%20interest%20rate,by%20the%20total%20loan%20balance.