Hi everyone,
I have a small business and am setting up a line of credit with a family member. The line of credit has the following requirements:
Interest only is due on the outstanding principal the first of each month.
The rate is adjusted to Prime+1% on the first of each month.
I can make payments on principal at any time, thereby reducing the interest owed.
I can borrow more at any time.
So, I *think* what I need is a worksheet that would allow me to make deposits and withdrawals by entering a date and a debit/credit amount - and then also to calculate the interest due on a given date (the first of each month), and to be able to adjust the interest rate (and have it affect only the future, not the past, calculations).
Does such a template exist? I sure can't find it for all the googling I've done without buying a whole template package...
Any help is appreciated...
Glenn
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