- Calculates a 365/360 loan with amortization table.- Loan Amount: Amount of the loan.
- Interest/Yr%: Annual interest rate expressed as a percentage.
- Loan Years: Number of years for the loan
- Payment: Periodic payment amount. How often this amount is paid is indicated by Payment Timing.
- Payment Timing: How often payments are made.
Note that this template compounds interest at the same time as the payment. This is different than the Mortgage or Auto Loan templates, for instance.Amortization
- Begin Period: Starting period to calculate the amortization information.
- End Period: Ending period to calculate the amortization information.
- Interest Paid: Total interest paid over the amortization period.
- Principal Paid: Total principal paid over the amortization period.
- Payment Paid: Total payments made over the amortization period.
- End Balance: Balance at the end of the amortization period.
- Amortization Table: Select to display a table of amortization results. Pinch to zoom and see larger numbers. In addition, the amortization table is attached to any emails sent. (Available on iOS devices only.)- 365/360 Rate%: Interest rate for 365/360 payment terms.The formula is derived from here
A loan for $350,000 at 6% interest over 5 years needs to be repaid monthly. How much is the payment on a 365/360 basis?
- Loan Amount: 350,000.00
- Interest/Yr%: 6.000
- Loan Years: 5.0
- Payment Timing: MonthlySelect '=' on Payment row. The monthly payment is $6,780.05.