Excel loan amortization schedule

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Lastly, other terms such as the Extra Amount You Plan to Add, Extra Payment (Recurring) Pay, and Extra Payment Starts from Payment No. In contrast, in some countries like Canada, though payment is monthly, interest compounding may be semi-annually.

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Simply put, if your payment frequency is monthly, then your interest is also compounded monthly. Interest Compounded: In general, it is equal to the payment frequency.

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