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We are putting loaned funds in escrow to pay the first five years of
loan, and this $ will earn interest (bank will only provide entire loa
payout insted of providing funds -ad hoc-). We want to end with clos
to or $0 in escrow. What I need is to automatically calculate how muc
money we need in escrow to cover 60 payments with the escrow balanc
earning interest. Let's say our payment is fixed at $1,000, and th
interest is fixed at 6.25% compouned monthly after the payment. I ca
manually calculate that I need to start with $51,683.63 to pay off th
$60K in payments, but I need to be able to constantly manipulate thes
numbers. Should I be using FV or PV for this, something else, or i
there no special formula for this type of calculation
loan, and this $ will earn interest (bank will only provide entire loa
payout insted of providing funds -ad hoc-). We want to end with clos
to or $0 in escrow. What I need is to automatically calculate how muc
money we need in escrow to cover 60 payments with the escrow balanc
earning interest. Let's say our payment is fixed at $1,000, and th
interest is fixed at 6.25% compouned monthly after the payment. I ca
manually calculate that I need to start with $51,683.63 to pay off th
$60K in payments, but I need to be able to constantly manipulate thes
numbers. Should I be using FV or PV for this, something else, or i
there no special formula for this type of calculation