For the first payment date, it is made to be 30 days from the date of booking/funding per our promissory notes (i.e. I then have a separate interest column that is calculated using daily interest (Amount of loan*interest rate/365)*number of days in the payment period. The formula I'm function I'm currently using that I believe to be 365/360 calculation reads like this: =PMT(Interest Rate/12,Number of payments,Amount of loan). I am trying to create this so that I can plug in loan information and it will spit out the same information to match the contracts and if it doesn't, I will be able to quickly identify a problem. It appears that the PMT function in Excel calculates monthly payments on a 365/360 basis. I am trying to figure out a calculation to build an amortization schedule in Excel with a 365/365 accrual base.
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