Hello
If you want to build amo schedule based on actual days/360 , what will your regular monthly payments (Principal + Interest) be?
I know for 30/360, it is PMT(i/12,12*loan term, original loan balance)
I dont know what would the PMT function be if it is actual/360. Wouldn't each monthly payment be different? I wonder how banks do it when they mention actual/360 in loan documents.
Thanks
If you want to build amo schedule based on actual days/360 , what will your regular monthly payments (Principal + Interest) be?
I know for 30/360, it is PMT(i/12,12*loan term, original loan balance)
I dont know what would the PMT function be if it is actual/360. Wouldn't each monthly payment be different? I wonder how banks do it when they mention actual/360 in loan documents.
Thanks