Hi Doreen!
If you want to do things the (accurate) date of payment method, then
you are going to have to swap Dates for Pay Period.
This will require a change to your interest calculation. Instead of
using the effective rate per month for one period on the preceding
balance, you will need to calculate the interest based on the
equivalent daily effective rate for the number of days since the last
balance.
Principal paid might then need re-adjusting, depending upon how you
calculate it. I find that the easiest way is to deduct the interest
calculation from the payment using the argument that all which is not
interest / fees is principal.
Then the running balance changes by deduction of principal repaid.
Such a workbook will more accurately reflect your lender statements
and you could even insert a date in your schedule when the lender
strikes a statement.
Any further help, don't hesitate to ask. And I'd love to see your
finished workbook in any event.
--
Regards
Norman Harker MVP (Excel)
Sydney, Australia
[email protected]
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