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Ticket #1354 (new defect)

Opened 9 months ago

Last modified 7 months ago

Auto-committed loan payments are incorrect

Reported by: travis Assigned to: sreilly
Priority: critical Milestone:
Component: general Version: 2007.stable
Keywords: amortization loan Cc:

Description

I'm using MD (583) on Mac OS X 10.5. To reproduce, create a new account with type Loan:

Loan settings:

  • Principal: 500000
  • APR: 5
  • Loan points: 0
  • Payments/year: 12
  • # payments: 360
  • Currency: USD
  • Interest category: Interest Paid
  • Escrow payment: 0
  • Calculate payment (uneditable): 2684.11 (this is correct)
  • Start date: 12/5/2007

"Would you like to transfer the amount of this loan into an account?": No

"Would you like to create a reminder for your loan payment at this time?": Yes

Reminder settings:

  • First date: 12/5/2007
  • Last date: 12/5/2010
  • Repeat on the 5th of every month
  • Auto commit 300 days before scheduled
  • From account: My Checking
  • To payee: my bank
  • Interest category: Interest paid
  • First payment principal (uneditable): 600.78 (this is correct)
  • First payment interest (uneditable): 2083.33 (this is correct)
  • First payment total (uneditable): 2684.11 (this is correct)

Now when I open the account, here are the transactions that were entered automatically:

Date Account Amount (toward principal) Balance (principal)
12/05/2007My Checking600.78-499399.22
01/05/2008My Checking600.78-498798.44
02/05/2008My Checking600.78-498197.66
03/05/2008My Checking600.78-497596.88
04/05/2008My Checking600.78-496996.10
05/05/2008My Checking600.78-496395.32
06/05/2008My Checking600.78-495794.54
07/05/2008My Checking600.78-495193.76
08/05/2008My Checking600.78-494592.98
09/05/2008My Checking600.78-493992.20

The principal amount should have increased with each payment, which would have decreased the outstanding balance faster.

Change History

12/27/07 17:19:49 changed by mrdooba

I have been having the same issue using Windows XP. Automatic loan payments are not incrementing the principal payments correctly in the register, even though the displayed next payment calculator value is OK.