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Formulas for mortgage collection
I have Microsoft Excel 2003. We are collecting mortage payments on a sale of
property. I need to know how to set up formulas for the spreadsheet to reflect simple interest and irregular payments. I found the answers separately but don't know how to do both in the same spreadsheet. Thank you -- Grey Squirrel |
#2
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Formulas for mortgage collection
If you truly have simple interest, you would set up a spreadsheet with four
columns: date, payment, interest, balance. You calculate the interest amount for each payment as: PreviousBalance*(PaymentDate-PreviousPaymentDate)/365*InterestRate. Also, don't bother comparing this to a compound interest mortgage, because you'll find that agreeing to only simple interest was very costly. -- Regards, Fred "Thumper" wrote in message ... I have Microsoft Excel 2003. We are collecting mortage payments on a sale of property. I need to know how to set up formulas for the spreadsheet to reflect simple interest and irregular payments. I found the answers separately but don't know how to do both in the same spreadsheet. Thank you -- Grey Squirrel |
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