A borrower missed a payment last month. This month he doubles up his payment to compensate. Doubling should get him back on track but I get a higher balance at the end of the loan? Help!
Question: A borrower missed a payment last month. This month he doubles up his payment to compensate. Doubling should get him back on track but I get a higher balance at the end of the loan? Help!
Answer: Your borrower will be CLOSE to back on track but there was accrued interest for the month he missed so this is why you are not back to the same end balance (0.00).
To get the exact payment that should have been paid to compensate, he will have to pay the outstanding interest. An easy way to get the exact payment is to highlight that payment line, right click and do this:
