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Thanks, Martin for the clarification. I appreciate your prompt reply. :-) Yes. your explanation was spot on!

Thanks for the clarification. However, when i worked it out on excel, i got a total interest and loan repayment of $4552.37. I added the accured cashflow of 701.79 and reduced the 1st interest payment and got the accrued cashflow minus pending loans after the 1st year. I think we get the same answer but different way to get there. Is your 1st loan interest number changes from 85.54 to 85.64? Is this a error? appreciate confirmation. Is your loan period for 11 years or 10 years? thanks One final question:

Hi What is the formula used to compute Accured Cashflow (cash balance) minus pending loans? I want to try and model my proposal on monthly basis. thanks