[moneydance] new loan

[Jim Smeall]

Sean,
The loan amount is $10,000, They take out a loan fee of $50 when they  
disburse the loan. 5 year loan with 26 payments per year. Interest  
rate is 4.625%.  Total amount of payments is $11,242.71. The total of  
payments isn't exact, $86.51 X 130 = $11,246.30.

I entered $9,950.00 as the loan amount, the interest rate, number of  
payments, payments per year and the start date (12/1/2006). But  
Moneydance states that I have 129 payments remaining. I haven't made  
a payment yet.

If I enter $10,000 how do I show the loan fee and get the correct  
balance prior to making any payments?

~Jim

On Nov 25, 2006, at 8:18 AM, Sean Reilly wrote:

> Hi Jim,
>
> In the loan register the number of remaining payments are calculated
> based on the amount of outstanding principal and your
> principal/interest/escrow payment settings.  Is it possible that your
> disbursement was a bit less than the loan amount or that the payment
> information is off by a small amount?
>
> Thanks,
> Sean
>
> On 11/21/06, Jim Smeall <macturbo at centurytel.net> wrote:
>> Hi,
>>
>> I received a loan disbursement and went to set up the loan in
>> Moneydance.  The payments are automatic from my paycheck, every 2
>> weeks. I tell moneydance 130 payments. Start date on my next payday
>> on December 1, 2006.
>>
>> Moneydance tells me that I have 129 payments left.  I have not made
>> any payments yet.
>>
>> How do I tell Moneydance that I have 130 payments?
>>
>>
>> ~~~~~~~~~~~~~~~~~~~~~~~~~
>> -Jim
>> macturbo at centurytel.net
>> 1st Gen 20" G5 iMac, 10.4.6
>> Moneydance 531
>>
>>
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