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Private Revolving Loans
Hi,
I am a cabinet maker who needs to borrow 30,000 from a friend because I tweaked my back for a few weeks and now have to catch up for the next few months. I want to be able to make a worksheet that allows me to give him a known interest rate and then apply the rest to the principal. I would love it if I could do it on any day of the month and not have it tied to a monthly period. It is essentially exactly what credit cards do. Ideally, it would show in columns what was paid, what day it was paid, how much went to interest for that month, how much went to principal, and how much principal remains. Incidentally, this would be great for just capital borrowing in general. The lender gets a fixed return, but I can write checks willy nilly. As an added tweak (just like the credit cards) if I don't make the interest in a month, I would love for the unmet interest to roll to the next month. Any ideas? Wouldn't it be cool if the lender could access this info on my webpage via a password! PS If anyone could set this up I would be willing to pay something via check or paypal. |
#2
Posted to microsoft.public.excel.misc
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Private Revolving Loans
You've really described almost the entire process yourself. You need columns
which show the balance, payments and interest charged. If you want freedom to pay whenever you want, you're better off using a running balance method (like a credit card), than allocating each payment to interest and principal (like a mortgage). Your columns would be date, payments, charges and balance. Every time you make a payment, calculate the interest which has accrued. If the starting balance at the beginning of the month was $25,000 and you make a payment on the 15th, the interest charge is 25000*15/365*rate. In addition to entering each payment, you would create an entry at the end of every month (or compounding period if different) to charge interest to that date. -- Regards, Fred wrote in message ups.com... Hi, I am a cabinet maker who needs to borrow 30,000 from a friend because I tweaked my back for a few weeks and now have to catch up for the next few months. I want to be able to make a worksheet that allows me to give him a known interest rate and then apply the rest to the principal. I would love it if I could do it on any day of the month and not have it tied to a monthly period. It is essentially exactly what credit cards do. Ideally, it would show in columns what was paid, what day it was paid, how much went to interest for that month, how much went to principal, and how much principal remains. Incidentally, this would be great for just capital borrowing in general. The lender gets a fixed return, but I can write checks willy nilly. As an added tweak (just like the credit cards) if I don't make the interest in a month, I would love for the unmet interest to roll to the next month. Any ideas? Wouldn't it be cool if the lender could access this info on my webpage via a password! PS If anyone could set this up I would be willing to pay something via check or paypal. |
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