Loan Servicing Spreadsheet
I want an excel spread sheet that can do the following:
The loan balance is $12,500.
Payments are to be made 2 times per year in equal installments.
The note shall be paid in 8 equal semi-annual installments.
No interest should be charged on the amount of the loan as long as repayments are made on the dates when they are due.
If a payment is missed, interest will be charged at the rate of 6% per annum on the amount of any payment not made when due- to be
calculated from the date of its due date- simple interest.
The spreadsheet should be able to show the beginning balance, amount paid towards principle, amount paid towards interest, ending balance,
number of remaining payments to be made with the amount per payment, and a column for payment date.
Again, if there is no payment- $0-interest is to be charged going forward. As long as there is a payment every time it is due, no interest should be charged. The spreadsheet should be adaptable to varying scenarios.
The actual amount of payment made can vary from $0- full which will be the input with the other categories to automatically calculate.
If you have any questions, please email me so that the spreadsheet is correct.