G
GlennJ
Hi everyone,
I have a small business and am setting up a line of credit with a
family member. The line of credit has the following requirements:
Interest only is due on the outstanding principal the first of each
month.
The rate is adjusted to Prime+1% on the first of each month.
I can make payments on principal at any time, thereby reducing the
interest owed.
I can borrow more at any time.
So, I *think* what I need is a worksheet that would allow me to make
deposits and withdrawals by entering a date and a debit/credit amount -
and then also to calculate the interest due on a given date (the first
of each month), and to be able to adjust the interest rate (and have it
affect only the future, not the past, calculations).
Does such a template exist? I sure can't find it for all the googling
I've done without buying a whole template package...
Any help is appreciated...
Glenn
I have a small business and am setting up a line of credit with a
family member. The line of credit has the following requirements:
Interest only is due on the outstanding principal the first of each
month.
The rate is adjusted to Prime+1% on the first of each month.
I can make payments on principal at any time, thereby reducing the
interest owed.
I can borrow more at any time.
So, I *think* what I need is a worksheet that would allow me to make
deposits and withdrawals by entering a date and a debit/credit amount -
and then also to calculate the interest due on a given date (the first
of each month), and to be able to adjust the interest rate (and have it
affect only the future, not the past, calculations).
Does such a template exist? I sure can't find it for all the googling
I've done without buying a whole template package...
Any help is appreciated...
Glenn