Correctly calculating a Loan Amortization Schedule?
portagerealtor Asked: Correctly calculating a Loan Amortization Schedule?
I am attempting to accurately calculate a commercial loan amortization.Principal was $200,000 at 6.5% on a 15 year paid monthly.The bank cites it is using a 360/360 Day count convention.They calculated a monthly payment (Exclusive of taxes and insurance) of $1,751.28 which I cannot seem to replicate.I come up with a monthly payment of $1,742.22.What I am trying to do is to develop an accurate Excel spreadsheet that will calculate on a daily basis.Any one have ideas on this?All of the standard loan calculators are not accurate enough.
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