USA Monthly Line of Credit Interest


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Hello,

I am trying to calculate the monthly line of credit interest on $7,000,000 maturing on 12.31.2026. The start date of the note is 12.19.2019. Interest accrues on the unpaid balance of the note at the rate of 5.75% annually, fixed. Interest will be computed on the basis of the actual numbers of days elapsed over a year composed of 360 days. Interest will accrue from the first date that funds are advanced to the borrower until the line of credit is paid in full. Accrued interest is due and payable in consecutive monthly payments beginning 2.1.2020 until the maturity date (12.31.2026).

Any help or advice is very much appreciated.

Thanks for your patience.

CSR
 
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kirby

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If you are going to do a lot of this type of work, look into the Tvalue software. Not expensive. If this is a one-off, look on line for freebie Excel line of credit interest calculators. So do a search for "Excel line of credit interest calculator".

Whatever you do, be sure to compare your first month's results to the actual interest from the bank. If different, see if you can get your mgmt's approval for you to contact the bank and ask them to help you figure out why you got a difference. It is to their benefit to help you so they can get paid on time. Maybe send them a picture of Vitruvian Man with his arms raised way up and the text "I dunno"
 
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