I'm looking for is a method that will allow me to compute the Loan Balance value for a specific period (month) in the amortization table without having to compute all of the values before it.
Let's say: your bank loan of 100000$ at the rate of 10% with annual rate compounded monthly and for a maturity of a 10 years.
So we have following information:
PV = 100000$, Time (or n) = 10, Frequency (#) = 12 (monthly), Rate (r) = 10% or 0.1.
We should find 66th month Loan Balance value without establishing whole table. Please do not suggest to calculate with Future Value (FV of annuity) formula replacing Time (n) = by 66 (month that we want to find value)