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I am working on a loan an individual (friend) made to his son for business purposes. The loan I guess was made in advances of 3 or 4 amounts starting in 2008. payments started being made in Jan. 2010. My friend wants to charge 5.5% interest and recoup the loan funds in 20 years.
I’m trying to put together an amortization schedule after the fact.
I have a record of the payments made of which there approx. 80 payments received in the amount of $2,000.00 practically every month.
Can I re-create this scenario now in 2016?
Thank You, Jan 8037578269
Yes you can. Please use the Ultimate Financial Calculator
If you scroll down the page, you’ll see a series of calculation tutorials. I suggest that everyone works through tutorial #1 for some basic information.
After that, this tutorial is for your specific use case:
25. Calculate Loan Balance — Loan Payoff Calculation
Enter payments for any amount on date made — audit balance due
Are your downloads compatible with Mac’s? Can you give step by step instructions?
Sorry, but the downloads are only for Windows PCs.
Is there a TFSA “Catch-Up” calculator to determine the date when a TFSA’s contribution room will be maxed given the current balance, new contributions, and new room created each year?
No, sorry, there isn’t one. But it sounds like adding one would be a really good idea.