I had this question after viewing Excel amortization formula for actual 365, actual 360
I was given an amortization schedule by the lender.
Principal= $5,150,000, Interest rate= 4.25%, Loan term= 10 years, Amortization term=25 years, and payment= $27,899.51.
I was told by the lender that amortization method being used is Actual 360. When I try to put the following loan terms into excel I get a different loan payment.