Dear Users/Ed, I have posted a query in the morning which was not listed hence sharing once again.
I am trying to derive amortization schedule for the below loan detail. Loan amount : 1000 Term 10: Floating Rate 01/22/19 1.85 02/22/19 3.85 Base Rate 01/22/19 2 02/10/19 5 FIR Differential 2 FIR 1 IR differential 2 The amort schedule that is getting created is as below : Principal Balance of loan Interest Bill amount 06/01/18 1000 30 07/01/18 97.55 902.45 6.45 104 31 08/01/18 97.96 804.49 6.04 104 31 09/01/18 98.53 705.96 5.47 104 30 10/01/18 99.4 606.56 4.6 104 31 11/01/18 99.96 506.6 4.04 104 30 12/01/18 100.65 405.95 3.35 104 31 01/01/19 101.25 304.7 2.75 104 31 02/01/19 101.84 202.86 2.16 104 28 03/01/19 102.51 100.35 1.49 104 31 04/01/19 100.35 0 1.2 101.55 However as per my calculation the interest amount for the 2nd month is coming as 6.02 instead of 6.04 because of which my whole schedule is going wrong. PFB my amort schedule. >From Date To Date Days Bill Amount Principal amount Interest amount Principal outstanding amount 1000 1. Jun. 2018 06/30/18 30 $104.00 $97.55 6.4520547945 $902.45 1. Jul. 2018 07/31/18 31 $104.00 $97.98 $6.02 $804.47 1. Aug. 2018 08/31/18 31 $104.00 $98.64 $5.36 $705.83 1. Sep. 2018 09/30/18 30 $104.00 $99.45 $4.55 $606.39 1. Oct. 2018 10/31/18 31 $104.00 $99.96 $4.04 $506.43 1. Nov. 2018 11/30/18 30 $104.00 $100.73 $3.27 $405.70 1. Dec. 2018 12/31/18 31 $104.00 $101.30 $2.70 $304.40 1. Jan. 2019 01/31/19 31 $104.00 $101.97 $2.03 $202.43 1. Feb. 2019 02/28/19 28 $104.00 $102.39 1.6127847671 $100.04 1. Mar. 2019 03/31/19 31 $101.14 $100.04 $1.09 $0.00 Please help me to calculate the interest rate used in the month of Jul, and how is 6.04 derived. Any pointers will be appreciated. Regards Tina Liz
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