Loan amortization schedule with bi-monthly payments

M

McCarthy_MF

I was looking at the Loan Amortization Schedule downloaded at
http://office.microsoft.com/en-us/templates/TC010197771033.aspx and found
that the Payment Dates won't calculate for 24 payments per year (e.g. 1st and
15th payments). In stead of 1/1/2005 followed by 1/15/2005 I get 1/1/2005
followed by 2/1/2005 followed by another 2/1/2005. I believe the error stems
from the "DAY(Loan_Start)" portion from the formula, but it could come from
"(Pay_Num)*12/Num_Pmt_Per_Year" yielding 0.5 payment increments.

The original formula is:
=IF(Pay_Num<>"",DATE(YEAR(Loan_Start),MONTH(Loan_Start)+(Pay_Num)*12/Num_Pmt_Per_Year,DAY(Loan_Start)),"")
 

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