Variable interest rate loan calculations- PLEASE HELP!!!
Hello Everyone,
I am in dire need of a solution ASAP to how I can get some figures on a loan amount.
Long story short I need to be able to create my own monthly statements for a loan that I gave a family member. I have called accountants to no avail. :(
I need to be able to enter in each months payment (or non payment), the account fee, the interest rate for that month & have it calculate how much interest is due & update the final balance on a monthly basis based off the entered figures.
The interest is compounded daily & is variable. I already have the numbers in for every day over the years (09-2011) where payments were made. But I really need to know where the loan was at in the beginning of 2012 (when i was told it had been paid off- I now suspect it wasn't).
I can't refer to the original account as I was making payments into & taking money out of the account.Hence the reason for needing this solution.
Both me & the family member need clear facts on what was paid & what is owing.
If someone has a sheet that I can enter the data into I would be ever so thankful- this has really stressed me out!
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