Loan Amoritization Spreadhsheet Issue...please help

[Guest]

Hello,

I have found the Loan Amoritization Excel SS template from Microsoft but it
does not work the way I want it.

I bought a new car and the loan came on my account on 02/02/06 and the next
payment date is 03/15/06. When I use the template...I put in 02/02/06 and
the first payment date is 03/02/06. I want to put in 02/02/06 as when the
loan came on the account then use the first payment date as 03/15/06 and
calculate the interest based on the period of 02/02/06 to 03/15/06 then have
the next payment date as 04/15/06.

If you have this type of spreadsheet available for me...please let me know.
I would love to get a copy of it. I would like to have this for my records.

Chris

 

[Fred Smith]

A simple workaround would be to enter the loan as of 02/15/06, but add 13 days
interest to the loan amount. Then it should amortize properly.

 

[Guest]

However, I am not able to modify the original template provided by Microsoft
so I was looking for a template which has been modified for the situation I
am encountering.

Chris.

 

[Fred Smith]

You don't have to modify the spreadsheet. Assume you borrowed the money on Feb
15th. Manually add 13 days interest to the loan amount (loan * rate / 365 * 13),
and it will amortize properly.