We are putting loaned funds in escrow to pay the first five years of a
loan, and this $ will earn interest (bank will only provide entire loan
payout insted of providing funds -ad hoc-). We want to end with close
to or $0 in escrow. What I need is to automatically calculate how much
money we need in escrow to cover 60 payments with the escrow balance
earning interest. Let's say our payment is fixed at $1,000, and the
interest is fixed at 6.25% compouned monthly after the payment. I can
manually calculate that I need to start with $51,683.63 to pay off the
$60K in payments, but I need to be able to constantly manipulate these
numbers. Should I be using FV or PV for this, something else, or is
there no special formula for this type of calculation?


--
rando
------------------------------------------------------------------------
rando's Profile: http://www.excelforum.com/member.php...o&userid=24528
View this thread: http://www.excelforum.com/showthread...hreadid=381237