Forum Discussion
SamM750
Mar 17, 2025Copper Contributor
Amortization Help
So I made a quick simple Amortization calculator to speed up some processes that I do but I've found so small calculation errors. For instance if I wanted it to calculated $7,268.00 over a 24mo term it come up with a payment of $302.83, which is correct, but because the actual payment amount is $302.83333333333 it doesn't calculated the right last payment which should be $302.91 to account for the repeating 3. I've found this is the only time it calculates wrong is just when the payment isn't perfectly round.
Is there anyway to fix this? Again the only time I've found it to be wrong is when the payment doesn't calculate out perfectly round.
Use =ROUND(initial_amount/number_of_terms, 2) to calculate the payment.