Sighten calculates loan amount from the install cost inserted by the user and the dealer fees set on the product.
Loan Amount ($) = Install Cost ($) + Dealer Fee ($)
Dealer fees are calculated as a percentage of the loan amount (not of the install cost), as a result:
Loan Amount ($) = Install Cost ($) + Dealer Fee (%) x Loan Amount ($)
And with some simple algebra:
Loan Amount ($) = Install Cost ($) / (1 - Dealer Fee (%))
Example
You create a quote for a Service Finance 6060 21.5-3.99% 18mo IO that has a 15.5% dealer fee.
You design a 10.915kW system.
You input an install cost of $3.75/W, so the total install cost is $3.75/W x 10,915W = $40,931.24.
Loan amount, as per the formula above is thus $40,931.24 / (1-15.5%) = $48,439.34.
That’s the number you’ll find in the proposal (below). All these numbers are rounded in the UI and proposal.
