Hey guys, I appreciate any help y'all can give me.
I'm trying to model a 30 year loan with daily amortization. Payments will not be made regularly on the loan and any unpaid principal and interest will accrue and be assessed interest at a new rate. This by itself isn't a problem, my issue is how can I write this model to take the dates when payments are actually made and insert them into the amortization formula reducing outstanding principal and interest as of that date. I'm building this to be passed on to someone who knows next to nothing about Excel so idealy they would be able to type in dates and payment amounts on a separate sheet which my formula would reference, requiring no other modifications from her.
I can do this if I actually build a 365 day 30 year amortization table but this gives me appx. 11,000 (30*365)lines of formulas and a 5.6 mb file. Surely there is a more efficient way to do this. thanks again for any help
I'm trying to model a 30 year loan with daily amortization. Payments will not be made regularly on the loan and any unpaid principal and interest will accrue and be assessed interest at a new rate. This by itself isn't a problem, my issue is how can I write this model to take the dates when payments are actually made and insert them into the amortization formula reducing outstanding principal and interest as of that date. I'm building this to be passed on to someone who knows next to nothing about Excel so idealy they would be able to type in dates and payment amounts on a separate sheet which my formula would reference, requiring no other modifications from her.
I can do this if I actually build a 365 day 30 year amortization table but this gives me appx. 11,000 (30*365)lines of formulas and a 5.6 mb file. Surely there is a more efficient way to do this. thanks again for any help
