Posted by Sean on January 20, 2000 at 13:16:27:
…that I disagree with everyone! hahaha…
If I understand correctly the money was loaned on June 1, 1993 and the first payment would then come due on July 1, 1993. This would make the 90th payment come due on 12/1/2000, not 11/1/2000.
No matter. If the payor wanted to pay it all off on 11/1/2000 I would expect a check for $48,147.24 (see my spreadsheet). Am I missing something? I have no idea.
I believe the CPA is closer to the right answer. The debtor would be liable for not only the principal balance but one month’s accrued interest, interest being paid in arrears.
Nor would I accept the idea that he can pay it one day earlier and dodge a full month’s interest. I’d calculate the interest accrued using an average daily balance.