Loan Schedule - Specific Requirements

[Stuart]

Dear All,

I've been searching for a schedule for weeks and I've also tried
several excel formulas.


I need to try and work to get the following an excel spreadsheet.


These are my values.


I have a loan which was given on 24th July for $80,000. They charge
me 6% which is quarterly compounded and is based on a 360 day count.
I am suppose to pay each quarter ending September December March and
June however if I dont pay on the given dates then the interest is
added on to my principal loan figure at the end of the quarter. I am
to repay everything on 31st January 2010.


What I need to build into the above and I'm struggling to present
this
in excel.....


A) I can drawn down more from the loan on any given date and interest
should start calculating on this.
B) I might not pay so it should add on the interest at the end of the
relevant quarter.


I hope someone can help me put a schedule together for all the above
variables as I'm trying to get to grips with my finances and this
will
help a million.


Thanks alot,


Stuart

 

[Xhawk57]

Stuart,

It sounds like you need an amortization table where you can change the
balance and the payment amount. Your quarterly payment can be more or less
than the interest amount due? if this is the case then it is a reverse
amortization loan and your formula to find your new balance would be
something like =((bal.*(int/4))-pmt amt)+bal.; where bal is balance, int is
interest rate, and pmt amt is the amount you actually paid during the
quarter. Since there is not a set schedule of repayment you can only set up
a schedule based on an expected amount paid each quarter.

Hope this helps