I have a principal of $200,000 starting 03/01/2017 (over 24 months) and the last payment to be made on March 1, 2019.
First payment is on 4/1/2017 at unknown amount.
Two $50,000 lump sum payments to be made on 05/01/2017 and 05/01/2018.
I must also compute the payments in between the $50,000 payments.
Interest at 5 percent.
Can did this be calculated in one calculation?
Yes. Pretty easy to do in fact.
Go to “Recurring Payments” caclulation.
I will suppose compounding is Monthy.
Enter this preliminary data
Compute or F5 to get these preliminary results:
You can totally adapt this to your needs.
We know payments of 50,000 are to be paid on 05/01/2017 and 05/01/2018. Change these directly in the schedule.
As for the payments in between, they must be recomputed so as to reach a balance of 0.00 at the end.
Select all lines (Ctrl A) then exclude the 50,000 lines (Ctrl click on lines 2 and 14) and right click with the mouse. I want my balance to be 0.00.
And here you have it. My last payment if off by a few cents so I checked “Balance = 0.00” on the bottom right.
Save that calculation and you can then adapt to what happens for real over time.
Took less than a minute….
Client comment after post:
Marc, I just checked it. You made four people very happy today. One client, two attorneys, and me.
I really appreciate your availability, patience, and instruction.