Help in Loan Amortization for 365 days calculation

[vikas_newports]

I took a vehicle car loan for $777,700 at 8.85% for 7 years. I used PMT and got a monthly payment of $12,453. The bank has a payment of $12,473

I inquired the bank why the difference and they said it was the difference between 360 days vs 365. I don't know what is this.

How do I calculate it to get their monthly payment and make an amortization schedule with interest and principal?

I have attached my calculation in excel file and a calculation in pdf file from Bank end in a google drive link. link below

https://drive.google.com/drive/folders/1ES3sUR_4fWgpaRr82L3TcGuQ-pwXF5ie?usp=sharing

 

[joeu2004]

Errata....

E6: =F5*C6*$B$1/(DATE(1+YEAR(B6),1,1)-DATE(YEAR(B6),1,1))
[....]
In the formula for the daily interest rate in E6, the denominator calculates 366 in leap years and 365 in normal years. Some lendors always use 365.

Based on the PDF image referenced in the original posting, this lender always uses 365. So the correct formula in E6 is:

=F5*C6*$B$1/365

With that correction and the terms of the original example ($777,700 at 8.85%), Solver derives equal payments of 12472.7376974442, which rounds to $12,473, as expected.

In contrast, if we use a divisor of 366 in leap years, Solver derives 12470.2200961722.

With the correction and the terms of second example ($800,000 at 8.2%), Solver derives equal payments of 12566.9616903072 instead of 12564.5893990008.