Change years to months in loan amortization template

[meyer47]

I downloaded the MS Loan Amortiztion template. I'm having a problem
because it only allows me to enter years for the length of the loan.
Some of the loans I have are not even years (37 months, for example),
but the template won't allow me to enter this. Can you please tell me
how to make changes to accommodate this? Thanks.

 

[Fred Smith]

In truth, the template doesn't know what period length you are entering. So
enter the monthly data (ie, monthly interest rate and term in months), and say
you have 1 payment per year. That way the template will properly calculate your,
for example, 37 payments.

The only problem is the payment date will be wrong, but it's not too hard to
change after unprotecting the sheet.

 

[rich47]

Thanks Fred.

However, aside from the dates being incorrect, it doesn't allow a
number greater than 30 in the term section. If the loan's for 37
months, it won't accept it.

-Rich