Yes, the payment amount can change from the model if the first payment date is not one month from the loan date. Interest accrues with the passing of time. Try this: Key over cell B11 with the new first payment date, and C11 with the new payment amount. Scroll down to the end and see if the loan "zeros out". Occasionally confirm the balance by checking the lender's web site or statements.
What if the loan repyment is on different dates on every different month. Not paying timely. Do you have any excel sheet for that?
Thanks for this great explanation!
what if 1st payment is not 1 month from the loan start date?
Great question, I came here for that actually. Have you figured it out?
Yes, the payment amount can change from the model if the first payment date is not one month from the loan date. Interest accrues with the passing of time. Try this: Key over cell B11 with the new first payment date, and C11 with the new payment amount. Scroll down to the end and see if the loan "zeros out". Occasionally confirm the balance by checking the lender's web site or statements.
Thank you very much. Really amazing. Please need excel file for the same
Hi Syed, I put a link to the file in the description. -Randy