moneyplays
New member
- Joined
- Jul 2, 2008
- Messages
- 1
I am seeking a program to calculate a (SIBW) simple interest biweekly loan to see it calculated on a spread sheet in a amortization form.I guarantee its out there but the Banks say no.If I can do it long hand,I'm sure it can be set up and done quicker. Pc's work faster than humans. HELP!!!! Please Denote Below as an EX:
What I know to be true,as followingPRINCIPAL BALANCE X INTEREST RATE X DAYS) /365(366LEAP YEAR) = INTEREST.OK LETS START WITH A EXAMPLE PROBLEM:
DATA FOR INPUT AS FOLLOWING:Loan $100,000
Rate 6.00% Fixed
Terms:360 Months
LOAN TYPE: SIMPLE INTEREST BI-WEEKLY PAYMENTS (NOT MONTHLY PAYMENTS)
FACTS:6.0 % divided by 365,converting it to a daily rate of .01643% multiplied by loan balance (100,000)= $16.44 the first day and each day thereafter until the payment is made.When the payment is received it's applied first to the accrual account,what is left over is used to reduce the balance. When the balance declines a new and smaller daily interest charge is calculated.
Now based on a $100,000 loan @ 6% Monthly payment would be $599.56( BUT I AM PAYING $299.78 BI-WEEKLY ON A SIMPLE INTEREST LOAN OVER 30 YEARS)
MY QUESTION TO ALL OF YOU,HOW DO YOU FORMAT THIS ON A DAILY BI-WEEKLY SPREAD SHEET SO YOU CAN SEE THE AMORTIZATION PER BI-WEEKLY PAY OUT AND SO ON FOR ANY GIVEN TIME FRAME?????????????? PS: MS WORK SHEET CAN'T HELP.
PLEASE GIVE ADVICE YOU PROFESSIONAL E X P E R T S
What I know to be true,as followingPRINCIPAL BALANCE X INTEREST RATE X DAYS) /365(366LEAP YEAR) = INTEREST.OK LETS START WITH A EXAMPLE PROBLEM:
DATA FOR INPUT AS FOLLOWING:Loan $100,000
Rate 6.00% Fixed
Terms:360 Months
LOAN TYPE: SIMPLE INTEREST BI-WEEKLY PAYMENTS (NOT MONTHLY PAYMENTS)
FACTS:6.0 % divided by 365,converting it to a daily rate of .01643% multiplied by loan balance (100,000)= $16.44 the first day and each day thereafter until the payment is made.When the payment is received it's applied first to the accrual account,what is left over is used to reduce the balance. When the balance declines a new and smaller daily interest charge is calculated.
Now based on a $100,000 loan @ 6% Monthly payment would be $599.56( BUT I AM PAYING $299.78 BI-WEEKLY ON A SIMPLE INTEREST LOAN OVER 30 YEARS)
MY QUESTION TO ALL OF YOU,HOW DO YOU FORMAT THIS ON A DAILY BI-WEEKLY SPREAD SHEET SO YOU CAN SEE THE AMORTIZATION PER BI-WEEKLY PAY OUT AND SO ON FOR ANY GIVEN TIME FRAME?????????????? PS: MS WORK SHEET CAN'T HELP.
PLEASE GIVE ADVICE YOU PROFESSIONAL E X P E R T S