Payoff Calculation

[cul8ter]

Hello, I have several fields that i am able to add up for a total, such as principal + intrest = x amount, but i am having a hard time trying to figure out a payoff associated with dates. IE

client made payment on 03/07/2008 and has $1,000 in the principal field and lets say a payment of $100 for next months payment due, but lets say they payoff early by a few days, say 28 days i have a field that divides by 30 to get the daily rate but would like to be able to put in a date in a field that would click on a tab and have it show the exact payoff for whatever date they want to payoff. I have tried, Current pricipal + Interest Per Day+ Most recent payment date?? and todays date= payoff, but doesnt seem to work, any ideas??

OK i have added my fields but do not know how to get current days from last date payment was made ti figure the correct daily rate of interest,

Current Principal + Interest Short + Postage + Bounce Payment Fee + Late Fees + Collection Fees + Legal Fees + Interest Rate

Thanks

James

Edited April 8, 2008 by Guest

[Anuviel]

would like to be able to put in a date in a field that would click on a tab and have it show the exact payoff for whatever date they want to payoff.

Maybe, instead of that field dividing by 30, set that field to calculate the difference based on the date that they want to pay off by.

So if I had to pay off $1000.00 which I borrowed on 1.1.08 by 1.15.08 I would set a start date field which would be 1.1.08 and an end date filed which would be 1.15.08, then your calc would be 1000.00 /(end date - start date) . That way you can figure the payments for any amount ot time in which they want to pay off the debt provided that they can choose the date by which they have to pay off. You then need to figure your interest into the calculation and that part is where I am out - bad with that sort of numbers....

Hope this helps.

Edited April 7, 2008 by Guest

[cul8ter]

Thanks Jouneyman, i may just need to keep playing around with it until i get i figured out, i think it's more simple than i am making it out to be, i don't know, because of that it is frustrating me.