Biweekly Calculation with Amort Schedule

[joker8771]

I can't seem to figure out how the calculation of a payment for my new vehicle is calculated. If anyone can help me here.

Loan: 28,131.85
Biweekly payment amount: 239.83
Interest Rate: 13.5
7 years
Contract Date: Jan 14, 2014
Contract End Date: Jan 1, 2021
First Payment Date: Jan 24, 2014
Simple Interest Loan

I can't seem to get to the payment of 239.83. I am looking for help with a formula to help me understand how this payment was calculated.

[bsalv]

see attachment cell G2
13.5%/26 (52 weeks pr year /2 because biweekly) = 0.519%
normally i think it should be F2

conclusion : your biweekly payment is ok, if it's a "simple intrest loan", but if you want to compare it to another loan with an compounding annual percentage rate then the APR = 14.7%.
Banklogics : 13.5% simple intrest loan = 14.7% compounded intrest