I believe I have uncovered an error on this template when trying to change
the number of payments per year and have it calculate the Actual Number of
Payments required. If for example I enter
Loan Amount: $180000
Int rate: 6.25
Loan Period yrs: 30
Num of Payments: 12
Start Date: 8/1/2007
....everything computes just fine (scheduled # payments & actual # payments =
360). If however I wish to understand how to see how bimonthly payments can
help my overall payment schedule and total interest I would think all I need
to do was enter: Number of Payments per yr: 24. Unfortunately when I do,
the scheduled # payments is correct at 720, however the Actual number of
payments can never go higher than 361 which is absolutely incorrect. If you
wish to verify, just go the bottom of the schedule and see how much balance
you have left!
Can anyone help???