Posted by John Behle on October 20, 1998 at 24:34:16:
The beginning note is shown first and the balance after 34 months is shown in the second line. I just change the 60 to 26 and re-calculate for PV. There’s another way to do it, but it doesn’t work on all calculators and isn’t as easy for most to understand.
10,000(PV)… 10%(I)…60(N)…$212.47(PMT)
4,948(PV)… 10%(I)…26(N)…$212.47(PMT)
We could get more precise, but let’s not complicate it for now.
Estoppel? - Posted by Randy
Posted by Randy on October 19, 1998 at 22:51:36:
OK everyone. Look out! The financial calculator illiterate posts again! I’m trying not to sound like a moron but…
I’m unsure how to calculate estoppel. How about this scenario:
$10,000 note for 60 payments in equal installments at 10%.
After the 34th payment, the payor wants to payoff. This remains 26 payments. What’s the payoff? (Don’t stop there, How did you figure it?)
Thanks!