Hi! friends
While calculating EMI (Amortization schedule) I want to calculate interest monthly on actual days in a month. I use PMT function. There will be a small residual at the end of the tenor. Is it possible to make zero at the end of the period, by distributing the amount to the full term and small difference should get added to the last installment. Can any body give me the formula. This is required to give repayment schedule to our banking clients.
Loan Amount -100000
Tenor 84 months
IRR 8.50%
EMI 1,584.00 Rs. 1,583.65
Starts on 08-01-03
Ends on 08-12-09
Residual at the end of 84 months will be Rs.926/-
Regards,
Prakash.
While calculating EMI (Amortization schedule) I want to calculate interest monthly on actual days in a month. I use PMT function. There will be a small residual at the end of the tenor. Is it possible to make zero at the end of the period, by distributing the amount to the full term and small difference should get added to the last installment. Can any body give me the formula. This is required to give repayment schedule to our banking clients.
Loan Amount -100000
Tenor 84 months
IRR 8.50%
EMI 1,584.00 Rs. 1,583.65
Starts on 08-01-03
Ends on 08-12-09
Residual at the end of 84 months will be Rs.926/-
Regards,
Prakash.