When I do an amortization under mortgage calcs in Toolbox, I end up with a balance of a few cents or sometimes under $2.00. If I add these cents to the interest it calculated plus prepaid F.C. - I get the correct fin charge on the TIL disclosure. Am I doing this correctly?
example: 120 payments @ 283.72 @ 7.125 ln amt 24,300.00 prepaids 570.14
I get int 9,745.00 plus 1.40 bal (added together 9,746.40) added to 570.14 prepaids = 10316.54 finance chg.