USA Calculating total debt based on outstanding/expired notes

[fersal]

A while ago I sold a real estate property, and I made the mistake of issuing direct credit to the buyer through monthly loan notes over 5 years. After paying punctually for a year or so, the buyer stopped paying, and now we're in a legal tussle.

So now I'd like to calculate how much the guy owes me based on note amounts, dates due, and some interest rate.

For example, I have a spreadsheet (I tried attaching it in a zip file) with this data as follows:

Interest rate 8%

Date due Amount
9/1/2006 3,304.00
10/1/2006 3,304.00
11/1/2006 3,304.00
12/1/2006 3,304.00
1/1/2007 3,304.00

and so on...

How can I calculate the total due with interest up to a certain date like Nov.1, 2013?

Any help will be greatly appreciated. Thanks!

 

[Counterofbeans]

Based on what you have above, I'm calculating a total loan of $162,946.57 when it was originally sold. Is that correct?

What is the date that you actually sold it and what date did he stop remitting payments?

Does the interest rate change in the event of default? This is often built into these types of arrangements.

 

[kirby]

Looking at the schedule, "after paying for a year or so" means you last got paid about mid 2007. Either you have been fruitlessly pursuing collection yourself or if you have a lawyer you have one useless lawyer. Now you are "calculating this yourself." Stop this "do it yourself'" stuff. It is clearly not working for you. - Get a good lawyer, have the lawyer calculate this and sue the pants off the varmint.

Now.

 

[fersal]

Thanks for your help. I sold the property in 2005, and the guy stopped paying after August 2006, so the notes I mentioned are all unpaid. To be clear, the unpaid notes have monthly due dates form Sept. 1 2006 through Dec. 1 2011.

I have a good lawyer, and he's the one who asked me to get help from an accountant calculating total debt. In the attached spreadsheet I have the notes amounts and due dates listed with a cell to plug in the interest rate. If some good soul here could just tell me which formula to use, or even better, update the spreadsheet for me, I will be forever grateful.

Thanks again!

 

[kirby]

1,. You are using 8% interest - why? is that rate in your sale agreement?
2. For me, my definition of a "good lawyer" is one who settles my claims within a few months , not 7 years and counting AND one who figures out my damages for me - not has me do his work myself- so we have to disagree on that "good lawyer" issue (just want you to re-think if you have the right lawyer for you)
3. And what is the answer to Counterofbeans' question, does the agreement say you get interest after a default - if so what rate?

 

[kirby]

And better ask the lawyer if the debt is now so old it is past the statute of limitations in your state. It is past the statute in my state.