amortization chart

[Silverbabydoll]

When creating an amortization chart, does the new balance accrue the interest in the years to come or do I use the same amount; the original balance?
Example: 228.08 is due for 14yrs at 10% per year. Do I take 273.70 at 14yrs? Or for example year one = 273.07 x .10 x 1 year and then keep doing that with the new balance? So year two would be 273.07 x.10 x1 year. Then year three would be 300.38 x 10% x 1 year..etc.etc.etc.

[Jluke]

use amortization schedule from excel...

[Silverbabydoll]

But I do not have a beginning balance nor an ending balance. This is a court order payment due that accrues interest at 10% per year until paid in full.

[Nutria]

How much is the judgement for?

[Silverbabydoll]

amortization chart

The judgement says it is 19% of monthly retirement payments accrued at 10% interest yearly if not paid.

Nothing has been paid so I am trying to figure out how much is due. There is not dollar judgement amount. I need 14yrs of amortization amounts.

[Nutria]

The judgement says it is 19% of monthly retirement payments accrued at 10% interest yearly if not paid.

Nothing has been paid so I am trying to figure out how much is due. There is not dollar judgement amount. I need 14yrs of amortization amounts.

Is $228.08 the 19% of your monthly retirement payments?

[Silverbabydoll]

amortization chart

yes it is.

[Nutria]

yes it is.

More clarification: and "you" should have been paying that judgement for the past 14 years, but haven't?

[Silverbabydoll]

amortization chart

No, I am a bookkeeper and have been hired to make the amortization chart. I just don't know if the amount stays the same every year or if the payment plus the interest is now the new balance for the following year plus the interest.
I know the calculation for year one is 19% x .10 x 1. = payment due for one year. But for year two, is it still just the 19% original payment amount or do I use the answer I got the first year x .10 x 1?

[Nutria]

No, I am a bookkeeper and have been hired to make the amortization chart. I just don't know if the amount stays the same every year or if the payment plus the interest is now the new balance for the following year plus the interest.
I know the calculation for year one is 19% x .10 x 1. = payment due for one year. But for year two, is it still just the 19% original payment amount or do I use the answer I got the first year x .10 x 1?

"The judgement says it is 19% of monthly retirement payments accrued at 10% interest yearly if not paid."

Color me dense, but if they're paying the 19% every month, what need is there for an amortization chart?

IOW, you only need an amortization chart if they aren't paying. To make it even more confusing, the amortization chart should go by month, since they could pay the 19% some months, and none in others (thus incurring the 10% for those specific months).

Unless there's something you aren't telling us...

[Silverbabydoll]

amortization chart

Payments have never been made hence the need for the chart. Do you have the answer or not, please. I really need to finish this.

[Nutria]

Do you have the answer or not

I'm trying to clarify the problem, in order to give you the right answer.

please. I really need to finish this.

Then you should be asking a legal site, not one named Savings Advice.

[Silverbabydoll]

amortization chart

Its a financial question, not a legal question. But thanks anyways.