Microsoft KB Archive/143412

Using the Money Loan Calculator

PSS ID Number: Q143412 Article last modified on 09-12-1997

3.0 3.0a 4.0 4.0a 5.0

WINDOWS

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= SUMMARY =

The Loan Calculator can be used to do the following:


 * Compare loans
 * Calculate interest, loan amount, loan length, and extra payments
 * Generate loan amortization schedules

The Loan Calculator is also very helpful when calculating leases. Some leases have a zero interest rate and some have the interest rate built into the payment. Certain types of leases, have a residual amount upon completion of the contract. For example, this is typical of a car lease.

To move from field to field, use either the TAB key or click the next field with your mouse. Pressing the ENTER key is the same as clicking the Calculate button with your mouse.

= MORE INFORMATION =

How to Access Loan Calculator
To access the Loan Calculator in Money for Windows 95, follow these steps:


 * 1) On the Go To menu, click the Planning Wizards button.
 * 2) Click Loan Calculator.

To access the Loan Calculator in Money 3.0, follow these steps:


 * 1) On the Tools menu, click Financial Wizards.
 * 2) Click Loan Calculator.

How to Compare Loans

 * 1) Click the Compare Loans button.
 * 2) For the first loan, you can enter the loan information or import an existing loan.
 * 3) For the second loan, you can also enter the loan information or import an existing loan.
 * 4) Change the information in both loans as needed.

How to Calculate Interest

 * 1) In the First Payment Date box, enter the first payment date.
 * 2) In the Loan Amount box, enter the loan amount.
 * 3) Leave the Interest Rate blank. If you enter a zero here, Money will assume you have a no-interest loan or that the interest is already added to the payment.
 * 4) In the Loan Length box, enter the length of the loan.
 * 5) In the Payment Frequency box, enter the payment frequency.
 * 6) In the Payment Amount (P+I) box, enter the payment amount including the interest.
 * 7) If you have a balloon payment, enter the amount in the Balloon Amount box (or enter zero if there is no balloon payment).
 * 8) Press ENTER or click the Calculate button.

How to Calculate Loan Payment

 * 1) In the First Payment Date box, enter the first payment date.
 * 2) In the Loan Amount box, enter the loan amount.
 * 3) In the Interest Rate box, enter the interest rate.
 * 4) In the Loan Length box, enter the loan length.
 * 5) In the Payment Frequency box, enter the payment frequency.
 * 6) Leave the Payment Amount box blank.
 * 7) If you have a balloon payment, enter the amount in the Balloon Amount box (or enter zero if there is no balloon payment).
 * 8) Press ENTER or click the Calculate button.

How to Calculate Loan Length

 * 1) In the First Payment Date box, enter the first payment date.
 * 2) In the Loan Amount box, enter the loan amount.
 * 3) In the Interest Rate box, enter the interest rate.
 * 4) Leave the Loan Length box blank. The Loan Length has two parts: a number field and a time period field. The Loan Length number field needs to be blank. You can’t set the time period field to blank. When the loan is calculated, the time period may change anyway.
 * 5) In the Payment Frequency box, enter the payment frequency.
 * 6) In the Payment Amount box, enter the payment amount.
 * 7) If you have a balloon payment, enter the amount in the Balloon Amount box (or enter zero if there is no balloon payment).
 * 8) Press ENTER or click with your mouse on the Calculate button.

How to Factor Extra Payments into a Loan
Note to factor extra payments into a loan, you must have either imported an existing loan or entered a new loan. For more information about how to perform this task, see your Money online Help.


 * 1) Click the Extra Payments button.
 * 2) In the Extra Amount box, enter the extra amount.
 * 3) In the Frequency box, enter the frequency of the payments.
 * 4) In the First Extra Payment box, enter the first extra payment.
 * 5) Press ENTER or click the Calculate button.

A new value for Total Interest and Last Payment Date is calculated. The new Total Interest and Last Payment Date will NOT be reflected in the loan or the Amortization report for the loan.

How to Generate an Amortization Schedule
  Enter a new loan or import an existing loan.   Click the Report button. This takes you to the Report screen. At this point, you can either customize the report, export the report as a Tab delimited text file, or print the report.   To customize the report, click the Customize button at the bottom of the screen.   To export the report, click the Export button at the bottom right of the screen. You can use the exported report in a spreadsheet or word processing program.   To print the report, click Print from the File menu. 

NOTE: You can’t go directly back to the Loan Calculator. The GoTo button displays a pull down menu of the contents screen. The Back button takes you back to the Planning Wizards screen and you will have to start the Loan Calculator again. The Contents button takes you back to the contents screen. 

KBCategory: kbusage KBSubcategory:

Additional reference words: w_money loancalculator Rollerbob

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========================================================= Version : 3.0 3.0a 4.0 4.0a 5.0 Platform : WINDOWS ============================================================================= Copyright Microsoft Corporation 1997.