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99.99% working, but last .01% is the devil

Posted on 2011-09-22
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Last Modified: 2012-05-12
Attached is the spreadsheet that I am working with.  Everything works except if a payment is made on the first date of the loan.  If a payment is made on that date, the report does not work, and I don't know how to fix that.  
Copy-of-Amortization-on-a-Simple.xls
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Question by:binaryman101
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by:BusyMama
ID: 36580843
You are so funny!

If this doesn't work, then please reattach with an unprotected version of that sheet.

Try this in cell C17:

=IFERROR(INDEX('Loan Data'!$B$18:$K$11017,MATCH(A17,'Loan Data'!$B$18:$B$11017,0),6)+(INDEX('Loan Data'!$B$18:$K$11017,MATCH(A17,'Loan Data'!$B$18:$B$11017,0)-1,7)),INDEX('Loan Data'!$B$18:$K$11017,MATCH(A17,'Loan Data'!$B$18:$B$11017,0),6)+(INDEX('Loan Data'!$B$18:$K$11017,MATCH(A17,'Loan Data'!$B$18:$B$11017,0),7)))

It is because you are subtracting 1 from the date in the original formula, and then it can't match.  I put in a formula that says, if there's no match, then try it without subtracting 1 from the date and give me that information instead.
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Author Comment

by:binaryman101
ID: 36580981
my bad for attaching the protected version...i have been tinkering with it.  I placed that formula in, but it doubled the amount of interest that should have been paid.  On that first day, it should only pay the interest for that day.  I understand why it is doing that, but how do I correct it.  I will attach the unprotected version, but if for some reason that it is protected again, the password is "loan"


Copy-of-Amortization-on-a-Simple.xls
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LVL 7

Expert Comment

by:BusyMama
ID: 36581005
Oops ... well, don't you want to collect more money?  ;)

=IFERROR(INDEX('Loan Data'!$B$18:$K$11017,MATCH(A17,'Loan Data'!$B$18:$B$11017,0),6)+(INDEX('Loan Data'!$B$18:$K$11017,MATCH(A17,'Loan Data'!$B$18:$B$11017,0)-1,7)),INDEX('Loan Data'!$B$18:$K$11017,MATCH(A17,'Loan Data'!$B$18:$B$11017,0),6))
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Author Comment

by:binaryman101
ID: 36581046
lol, now who's the funny one? :)  That works much better.  Thanks again for all of the help
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Author Comment

by:binaryman101
ID: 36581061
I did find one other issue.  The principal balance did not decrease because it's formula is a min formula, and obviously there is nothing to pull from other than the original loan balance.  How can I show that reduced if the payment is on the first, and yet keep the principal balance to show the accurate amount throughout the rest of the loan?
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BusyMama earned 500 total points
ID: 36581147
How about this in cell F17 (Principal Balance):

=IF(MIN('Loan Data'!I18:I40572)<D9,MIN('Loan Data'!I18:I40572),MIN('Loan Data'!I18:I40572)-D17)

This says, if the minimum loan balance in the data sheet (what we were originally inputting) is less than the original loan balance in cell D9, then go ahead with the minimum loan balance in the data sheet; but if the minimum loan balance isn't less than the original loan balance, then use the minimum minus the amount of principle in cell D17.
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Author Comment

by:binaryman101
ID: 36581266
You are totally awesome!  I think the best thing you do, is explain your formulas.  When you give me the written logic, it helps me learn them much easier.  Thanks again, and you should so get more than 500 points.
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Author Closing Comment

by:binaryman101
ID: 36581271
Busy Mama rocks!
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