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Loan payments calculated on 360 day basis
I need to edit a loan amortization schedule to calculate payments using a 360
day basis instead of the standard 365. How can I edit a current template to use 360 instead of 365 days in a year? |
#2
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Loan payments calculated on 360 day basis
On Jan 31, 5:32*am, Keller2 wrote:
I need to edit a loan amortization schedule to calculate payments using a 360 day basis instead of the standard 365. *How can I edit a current template to use 360 instead of 365 days in a year? It is hard to say without knowledge of the formulas used in the loan amortization template that you are using. Which template are you using, and how did you find it? (URL or sequence of links that you clicked on.) Templates that I have seen already effectively use a 30/360 basis model. That is, interest for monthly payments is determined by dividing the annual rate by 12 and applying that monthly rate uniformly to the outstanding balance of each month. A template using an actual/365 or actual/actual basis model would divide the annual rate by 365 (or actual days in the year), then apply that daily rate to the number of days between payment due dates. So you might see an interest formula of the form B1*r*(D2-D1)/365, where "r" is the annual rate, "B1" is the previous balance, and "D1" and "D2" are previous and current payment due dates. If that's the case, change that formula to something like B1*r/12. HTH. If you are still befuddled, send me your loan amortization schedule template. Send it to joeu2004 "at" hotmail.com. |
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