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Thread: Amortization calculation

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  1. Mar 4th, 2003, 08:03 PM #1
    WorkHorse
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    Amortization calculation

    How can I determine a payment amount for a delinquent loan. Say the principal is $1000 with simple annual rate of 7%, plus there is back interest of say $400. The interest accrues on the principal at 7% (not compunded) each month. Payments go to back interest before any payments start going to principal. How can I calculate what the monthly payment amount should be to pay the loan in X number of months?
    Last edited by WorkHorse; Mar 7th, 2003 at 06:53 PM.
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