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Posted by ucdscott on January 8, 2007, 8:38 pm
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I just upgraded to Quicken 2007 HAB and this issue (see below) still
has not been resolved. It appears that Quicken has hard-coded the
values that correspond to the "Compound Period" options (Daily,
Monthly, and Semi-Annually). I have a Simple Daily Interest loan in
which the compound period (n) is 365.25. My interest rate is fixed as
is my monthly payment. All I want Quicken to do is accurately determine
how much of my monthly payment is interest and how much goes towards
the principal of my loan. Either the hard-coded Compound Period is not
365.25, Quicken is not accurately counting the number of days between
payments, or Quicken is simply using the 'incorrect' formula to
calculate interest for my loan.
Quicken's amortization calculations are explained here:
http://web.intuit.com/support/quicken/2000/win/1133.html
The page at the link above states,
[Interest payment =3D r =D7 Remaining principal] where [r =3D interest rate
per period =3D Annual interest rate/n]
For a short explanation of Simple Daily Interest you can visit this
page:
http://www.du.edu/finaid/gradfederal.htm (Scroll down to the Interest
section)
Am I the only person on the planet with a student loan who wants to use
Quicken?
>Date: Fri, Jan 14 2005 3:41 pm
>Groups: alt.comp.software.financial.quicken
>
>If you search for "How is amortization calculated in Quicken?" using
>quicken help you'll have the necessary background to understand my
>question.
>
>Is there a way to adjust the 'n' (number of periods per year) value for
>each 'Compound Period' (Daily, Monthly, Semi-Annually)? If these values
>are hardcoded what are they?=20
>
>I'm using Quicken 2004 Dlx on Windows.
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