Margill Standard/Law versions: How to do an irregular payments schedule

Question:

I have a principal of $200,000 starting 03/01/2017 (over 24 months) and the last payment to be made on March 1, 2019.

First payment is on 4/1/2017 at unknown amount.

Two $50,000 lump sum payments to be made on 05/01/2017 and 05/01/2018.

I must also compute the payments in between the $50,000 payments.

Interest at 5 percent.

Can did this be calculated in one calculation?

Answer:

Yes. Pretty easy to do in fact.

Go to “Recurring Payments” caclulation.

I will suppose compounding is Monthy.

Enter this preliminary data

Compute or F5 to get these preliminary results:

You can totally adapt this to your needs.

We know payments of 50,000 are to be paid on 05/01/2017 and 05/01/2018. Change these directly in the schedule.

As for the payments in between, they must be recomputed so as to reach a balance of 0.00 at the end.

Select all lines (Ctrl A) then exclude the 50,000 lines (Ctrl click on lines 2 and 14) and right click with the mouse. I want my balance to be 0.00.

And here you have it. My last payment if off by a few cents so I checked “Balance = 0.00” on the bottom right.

Save that calculation and you can then adapt to what happens for real over time.

Took less than a minute….

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Client comment after post:

Marc, I just checked it. You made four people very happy today. One client, two attorneys, and me.

 I really appreciate your availability, patience, and instruction.