>Joseph: What does "Monthly Payment Due on the 1st = ?" I am assuming it means that the payment should be made on the first day of each period. Can you confirm this ?
>Thanks

Well, if this is the case, it is a matter of adjusting each payment by one period's interest. So, if the answer I gave is X, use X/(1+.1/12). That works. It is clear and straight forward. Don't you agree?

I believe, though, that when these payments are calculated, they are done so as a normal loan would be calculated (ie. payments due at the end of each period). Then, the lender will ask if they can get the last payment first. Most borrowers agree, not understanding the idea of PV, or the effect this practice has on the actual rate of interest that they end-up paying.

But, I have a question: By asking me to confirm something that you can confirm just as easily as me (by asking the original post creator); were you indirectly making a point? Were you trying to say "Joe, you missed this."? Please let me know.