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.
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?)