equalized payments with varying time between payments

Hey guys,
I've looked and looked and can't seem to find info on this anywhere.
I'm trying to calculate equal loan payments with an annual repayment.

However, the payments are always due on the same day (say March 15th of the following year) but the loan can be originated at any point in the year. So the time between the loan origination and the first payment most likely won't equal 1 year, but the rest of the payments will be a year apart.

So a loan is done today, August 11th 2008.
1st payment 3/15/09
2nd payment 3/15/10....

The equal payment thing is messing me up. I didn't see anything in the Excel help section....can any of you help? Thanks.

bump...anone feel like helping me on this??

Sure, sorry if I was too vague initially.

Let's say I'm taking out a loan today, August 27th for $100,000 at 5% interest (actual 365day compounding)
I'll be making 10 equal annual payments beginning on March 15, 2009.

From other software I know the payment is approx. $12,673 but I can figure out a way to do this in excel.

Thanks for any assistance,
Scott

I think we're really close here Ron...
Does your answer account for annual payments and annual interest?
I have a feeling it may not since the time between payment 1 and 2 (1 full year) has interest accrued of $384 when it should be at least $5,000, right?


I may wrong (I am all the time!) but any help would be really appreciated.

Thanks,

Scott