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A lender pointed out my amortization schedule was off and I fixed it
I was structuring a bridge loan for a client in Austin last month and a senior underwriter said my amortization schedule was using simple interest when it should have been compounding monthly. I had to redo the whole thing with the correct formula, and it changed the total interest by like $2,300 over the 18 month term. Now I double check every amortization table before sending anything out. Has anyone else run into this issue with different interest calculation methods?
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derek6562d ago
Man that's rough, happens to the best of us. Glad you caught it before it went out.
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nathanj562d ago
Yeah happens to the best of us" is right. Last week I was setting up a payment plan for a used car and realized I had the interest rate wrong because I mixed up APR and APY. Felt like a total rookie move. Do you just use a template now or do you manually check each time?
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