Hi All,
I’m trying to figure out the formula for a mortgage where the interest is monthly but you make two equal payments every other week.
Simple example:
$1000 principal
1 year
1% interest
Using PMT it’s super easy to solve the payments and from there I’ve made an amortization schedule. The payments on that loan would be $83.79/month for 12 payments.
Now I want to do an amortization table if you were to make payments of 1/2 of that amount ($41.885) every other week. Here is basically what I want it to look like at the end: http://www.mtgprofessor.com/calculators/Calculator2bi.html
Thanks in advance