![]() Long/Short Period Options - settings for how interest is shown on the schedule when the initial payment period (the time between the loan date and first payment date) is longer or shorter than the selected payment frequency.The 366 days in year option applies to leap years, otherwise the interest calculation uses 365 days. This setting impacts interest calculations when you set compounding frequency to a day based frequency (daily, exact/simple or continuous) or when there are odd days caused by an initial irregular length period. These options are available by clicking on "Settings." Related: Three Easy Ways to Save on Your Next Loan For a complete explanation of these options, see Nine Loan Amortization Methods. Amortization Method - leave this setting set to "normal" unless you have a specific reason for setting it otherwise.More about loan schedules with points, fees, and APR support. Points - one point is one percent of the loan amount.Setting this option to "Exact/Simple" results in simple, exact day interest. Doing so results in simple, periodic interest. Compounding Period or Frequency - usually, the compounding frequency should be set to the same setting as the payment frequency. ![]() The schedule calculates the payment dates from the first payment due date (not the loan date).
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