I need to calculate an auto loan using the PMT function, or by "long hand" if it's easier for this scenario, that will take into account varying days to first payment. For example, I have a $10000 auto loan for 60 months at 10% interest with monthly payments. However, let's say the first payment is not due in 30 days, but in 45 days. Or the first payment may be due in 15 days. How do I incorporate the 15 day swing into the payment accurately?
Right now, I'm calculating the 15 days and adding/subtracting it from the principal balance before running the PMT calculation. I just can't reconcile in my head how I wouldn't be overcharging interest in the former scenario. I'd like to see how you recommend doing it.
Thanks in advance!