Mortgage/Loan Assistant - bi-weekly loan payments

[David Carlson]

On 1/2/2014 2:49 AM, alessandro basili wrote:
> Hi David,
>
> On 1/2/2014 5:25 AM, dmc6000 wrote:
> []
>> Principal: 14,405.19
>> Interest Rate: 4.75%
>> Start Date: 11/05/13
>> Duration: 36 mos
>> All options are unchecked
>> Amount: pmt( 0.04750 / 12.00 : 36.00 : 14405.19 : 0 : 0 )
>> Frequency: Weekly - every 2 weeks - days - Friday
> The pmt formula is wrong, it should be divided by 24 (twice a month) and
> elevated to 72 (36*2) to correctly calculate the amount. This has also
> an impact on the interest/principal formulas (respectively ipmt/ppmt).
>
> I have the same problem and I haven't figured out a way to fix this. I
> reported it in this message: "issues with the Mortgage Druid"
>
>> The payment schedule in the preview window shows the correct frequency but
>> the payment amount is a monthly amount.
> this is because in the pmt there's a by 12.00 division and the amount of
> payments is expressed in months, while it should really be each two weeks.
>
>> I have the exact same issue with a mortgage payment I am trying to set-up on
>> a bi-weekly basis.
> same here. Should we file a bug report?
>
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There are 26 Bi-Weekly payments in most years, depending on the day of
the week.

David C