I have been trying to build a model that will calculate a monthly payment based on the following variable
Loan value = 300,000
Interest Rate = 7.1% per annum
Draw down date of 20th April 2018
1st monthly payment will be on the 19th May 2018
1st interest total added on 30 Jun 2018
Subsequent interest totals are added on 30 Sep, 31 Dec and 31 Mar
TIA
- Interest is calculated daily and compounded daily
- The total interest accumulated over a quarter is added to the balance on the last day of the quarter
- Payments are made monthly and need to be the same every month for the term of the loan
Loan value = 300,000
Interest Rate = 7.1% per annum
Draw down date of 20th April 2018
1st monthly payment will be on the 19th May 2018
1st interest total added on 30 Jun 2018
Subsequent interest totals are added on 30 Sep, 31 Dec and 31 Mar
TIA