Forum Discussion
How to build a loan calculator with periodic drawdowns
Here's a possible answer (pending your answer to my question above; I assumed it went they way I was thinking it should: interest only on the amount actually borrowed up to that point).
I have no idea whether this is even reasonable, what a finance expert would think. There's one basic interest payment function in here in column D; all the others just add. I charge interest only the amount borrowed (see column C)....
Anyway, it needs a reality check, but seems possible. As I said, I did it more for sake of satisfying my curiosity, so I'll be very interested in what a CPA or CFA might have to say......
Bottom line: I came up with a monthly of $1,172.76 that would repay the 60K over five years. A total of $70,365.7 would be paid in 60 equal payments.
As I said, I'd like a reality check from someone who knows what they're doing.