How to create a balloon payment calculation?
I have managed to create a mortgage calculator but cant seem to figure out how to input a balloon payment feature. When I use the FV function it tells me I have too many parameters. I was using this function because this is what is used along with the PV to get the total amount that needs to be paid at the end of the balloon term.
Example to Solve:
Mortgage $100,000, Interest Rate 4%, Term of Loan 360 months = $477.42 monthly payments.
Balloon Term is 84 months, divided 4% interest rate by 12 = .333% from thereI have everything I need except the FV function cant be used like it is used in excel to come up with the amount of the balloon payment.
Can someone please come up with a solution for this?
Thanks in advance!