Problem:
Make a usable spreadsheet that can calculate the blended interest rate for 2 separate loans. Below is an example of the output data that this spreadsheet would produce for this particular scenario:
Mortgage Loan Summary
Loan one amount $250,000.00
Interest Rate 5.25%
Term 30 years
Monthly payment $1,093.75 Interest Only
Loan two amount $160,000.00
Interest Rate 7.00%
Term 30 years
Monthly payment $933.33 Interest Only
Total amount financed $410,000.00
Total monthly payment $2,027.08
Blended interest rate 5.933%
I need a simple excel tool in which one may enter the amount and interest rate for two separate loans and amounts that calculates the blended interest rate for those two "interest-Only" loan amounts.