On Jan 8, 4:26 am, "Fred Smith" wrote:
You should check out the payment amount, because
$1130.04/month will not pay off the loan in 3 years.

The numbers are consistent with the specified 3-year loan with a
balloon payment of $25,437.27. The total payment is $66,118.71 =
$25,437.27 + 36*1130.04. The total interest is $7,418.71 = 36*1130.04
- (58700 - 25437.27).


It's also unclear what "Interest Savings" is supposed to convey.

Note that "savings" is negative. Apparently, it means that the
specified loan would cost $2,070.17 more than a fully-amortizied loan
for the same term with no balloon payment.

For the latter, the payment would be $1,779.13. The total payment
would be $64,048.54 ~= 36*1779.13[*]. The total interest would be
$5,348.54 = 64048.54 - 58700. The difference in interest for the two
loan structures is -$2,070.17 = 5348.54 - 7418.71.
[*] In calculating the interest difference, it appears that the lender
used the unrounded PMT() result. This results in an error of $0.14.



----- original posting -----

On Jan 8, 4:26*am, "Fred Smith" wrote:
The rates being used are correct. If the annual rate is 5.75%, then the
monthly rate is 5.75/12 = 0.479%.

You should check out the payment amount, because $1130.04/month will not pay
off the loan in 3 years. It's also unclear what "Interest Savings" is
supposed to convey.

Regards,
Fred

"Trish" wrote in message

...



It is a typical Amortization schedule. *My porblem is that the rate per
period is taken from another cell that has a drop down box of the
frequency
of payment which indicates Monthly, Semi-Monthly etc. . . * What I need is
my
rate per period to reflect a number that shows the monthly payment based
off
a 30 day month and or a 360 day year.
Loan Amount $58,700
Annual Interest Rate 5.75%
Term of Loan in Years 3
First Payment Date 1/15/2009
Frequency of Payment Monthly

Summary

Rate (per period) 0.479%
Payment (per period) $1,130.04

Total Payments $66,118.71
Total Interest $7,418.71
Interest Savings ($2,070.17)
This is the data entry portion of the file.
If you can help that would be great!!

"xlm" wrote:

is there aformula that you can post, if not would you provide the link to
where
you download

HTH
--
Appreciate that you click on the Yes button below if this posting was
helpful.

Thank You

cheers, francis

"Trish" wrote:

I am using a Amortization Schedule template from Microsoft Office
online. *I
am trying to change the Per Period from Monthly - Semi-Monthly etc....
to days
per year. *My current loan is based on a 360 day year and not a 365
which
changes the interest payment monthly. *Can anyone help me.- Hide quoted text -

- Show quoted text -