Excel - 360-day Year Based Payment & Amortization Calculations?

Asked By Kelley from N on 08-Sep-08 02:06 PM
I need to create a loan calculator within Excel that will calculate and
generate amortization schedule based upon a 360-day year (30 days per 12
mos).  I found a "How to Create a Loan Amortization Schedule" in product
knowledge base, but have been unable to find how to base these calculations
on a 360-day year (30 days per 12 mos).  Ahy help is greatly appreciated.

Fred Smith replied on 08-Sep-08 08:31 PM
Use the regular financial functions. The 360-day year (12x30) simply refers
to the fact that each month is assumed to be have same number of days. So as
long as you express your term in months, Excel's financial functions will
properly calculate for you.