First month prorated on a vehicle lease -amortization schedule

  • Creator
    Topic
  • November 15, 2019 at 11:42 am #2796762
    10keyLeah
    Member

    Any NINJA here that has experience or can shed light on this issue.

    Our company is leasing a vehicle that we will likely end up buying after the lease is up. It’s a 48 month lease. The first month lease is prorated.

    I am having to use excel to create amortization schedules. I am unsure the proper way to amortize this. Should I create a list of 49 payments with the first payment for the prorated amount, and then change the last payment to the remaining amount left from the first payment? I am using IRR to try and make this work.

    Thanks,
    Leah

    Ninja Combo, Yaeger, Wiley -- Licensed CPA, May 2015

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