I need a table showing the monthly amount of imputed interest on annual payments but everything I find online shows monthly payments based on principle and interest rate.
I need to find an amortization schedule based on once a year payments that shows interest accruing monthly and will give me the beginning principle balance since the payments include imputed interest. Anybody have any tips?
I can calc the total principle to start- I need a table showing the monthly interest compounding and for it to show me the beginning principle balance that agrees to the table..... monthly journal entries are what this is for so I need a beginning to end schedule that works for a 5 yr period.
Basically I need beginning balance (function of interest calc/rounding of table), then month by month interest accrual, then principle/interest payment at the end of each year for the next 5 years.
The beginning balance will vary depending on the rounding of the monthly interest amounts... it's like I'm working backwards because I know the rate and ending amount paid but I can't find a table that shows it monthly and would calculate the beginning balance.