Solved

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

Posted on 2011-09-22
8
212 Views
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
0
Comment
Question by:binaryman101
  • 5
  • 3
8 Comments
 
LVL 7

Expert Comment

by:BusyMama
Comment Utility
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.
0
 

Author Comment

by:binaryman101
Comment Utility
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
0
 
LVL 7

Expert Comment

by:BusyMama
Comment Utility
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))
0
 

Author Comment

by:binaryman101
Comment Utility
lol, now who's the funny one? :)  That works much better.  Thanks again for all of the help
0
How to run any project with ease

Manage projects of all sizes how you want. Great for personal to-do lists, project milestones, team priorities and launch plans.
- Combine task lists, docs, spreadsheets, and chat in one
- View and edit from mobile/offline
- Cut down on emails

 

Author Comment

by:binaryman101
Comment Utility
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?
0
 
LVL 7

Accepted Solution

by:
BusyMama earned 500 total points
Comment Utility
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.
0
 

Author Comment

by:binaryman101
Comment Utility
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.
0
 

Author Closing Comment

by:binaryman101
Comment Utility
Busy Mama rocks!
0

Featured Post

What Is Threat Intelligence?

Threat intelligence is often discussed, but rarely understood. Starting with a precise definition, along with clear business goals, is essential.

Join & Write a Comment

INDEX and MATCH can be used to great effect to replace HLOOKUP and VLOOKUP as it does not have the limitation of needing the data to be sorted so that the reference value is in the first column or row. It also has the ability to perform a bi-directi…
Introduction This Article is a follow-up to my Mappit! Addin Article (http://www.experts-exchange.com/A_2613.html), it was inspired by an email posting I made to EUSPRIG (http://www.eusprig.org/index.htm), I will briefly cover: 1) An overvie…
The viewer will learn how to create two correlated normally distributed random variables in Excel, use a normal distribution to simulate the return on different levels of investment in each of the two funds over a period of ten years, and, create a …
This Micro Tutorial will demonstrate on a Mac how to change the sort order for chart legend values and decrpyt the intimidating chart menu.

763 members asked questions and received personalized solutions in the past 7 days.

Join the community of 500,000 technology professionals and ask your questions.

Join & Ask a Question

Need Help in Real-Time?

Connect with top rated Experts

7 Experts available now in Live!

Get 1:1 Help Now