[moneydance] new loan

[Jim Smeall]

Ed,

It is a government entity so perhaps they aren't telling me  
everything for security...

I have not found out how the interest and the payments are  
calculated, yet.

Better interest rate than my credit card.

~Jim
On Nov 27, 2006, at 3:30 PM, Edward A. Melia, C.P.A./Attorney wrote:

> Jim,
>
> As Sean stated, you still owe $10,000 on the loan although you only
> received $9,950.
>
> It appears that there may be a problem with the interest rate or the
> compounding method.  If I set up a $10,000 loan with biweekly
> payments of $86.51 for 130 payments and biweekly compounding the
> annual percentage rate generated by my software is 4.675% (not the
> 4.625% stated in your email).  If the loan was $9,950 then the
> percentage rate gets pushed up to 4.879%.
>
>    Ed Melia, Sacramento, CA
>
>
> At 11:03 AM 11/25/2006, you wrote:
>
>
>> Hi Jim,
>>
>> The $50 fee would have reduced the disbursement amount, but the
>> remaining principal (aka "loan amount") would still be $10,000.  I
>> would set the loan amount as $10,000 and record the $50 fee  
>> separately
>> from the account that received the disbursement.
>>
>> Thanks,
>> Sean
>>
>> On 11/25/06, Jim Smeall <macturbo at centurytel.net> wrote:
>>> 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
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