I downloaded the Loan Amortization Schedule template but it is based on a 360/360 basis instead of a 365/365 basis. The difference over the life of the loan can be substantial. Does anyone know how to modify this template or is there one available that is based on 365 instead of 360?
Amortizing at 30 day / 360 Principal is 145.09 Interest is 1032.50 and total payment is 1177.59
Amortizing at 31 day / 365 Principal is 125.28, Interest is 1052.30 and total payment remains 1177.59
The difference in interest paid is important in this scenario.
Thanks in Advance.