Microsoft KB Archive/124863

Money: Creating a Variable Interest Rate Amortization Schedule

PSS ID Number: Q124863 Article last modified on 07-14-1997

2.00 3.00 3.00a

WINDOWS

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2.00 3.00 3.00a WINDOWS kbusage kbprb kberrmsg

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In Microsoft Money, to create a variable interest rate amortization schedule, you must create a loan using one interest rate and then modify that rate for a specific time period. However, when you attempt to change the interest rate to a future time period, Money returns an error message similar to the following:

You have entered a date after today, so Money will make the loan changes effective immediately.

= CAUSE =

Money does not allow a change effective for a future date.

= WORKAROUND =

NOTE: When you complete this procedure, be sure to set the date in Control Panel back to today’s date.

Use the following steps to create a Variable Interest Rate Amortization Schedule:

  In Windows Control Panel, double click the Date/Time icon. In the Date/Time box, change the currently listed date to the date of the last interest rate change for the proposed loan. Choose OK and close Control Panel.   Start Money, and choose Loan List from the List menu, and then choose Create.   Create the loan in the usual manner. When you are prompted with the “Have any payments been made on this loan?” message, choose Yes. You will then be prompted with the “Do you want Money to record all the scheduled payments?” message.   Choose Yes, and record all the scheduled payments. You will be prompted with “What is (or was) the due date of the first payment on this loan?”   Enter the appropriate date. Calculate the loan in the usual manner, and enter the requested information for each screen. When prompted for an interest rate, enter the starting interest rate for the loan, and complete the loan in the usual manner.   After the loan is created, choose Loan List from the List menu. In the Loan List box, choose the Loan that you just created, and then choose Change Loan Information.   When prompted with the “What part of your loan do you want to change?” message, choose Interest Rate.   At the “When do you want these changes to take effect?” prompt, enter the date on which the loan’s second interest rate will take effect. </li>  Repeat steps 6 8 for each subsequent interest rate change. </li></ol>

To print the amortization schedule:


 * 1) Switch to the Loan window.
 * 2) In the Loan box on the toolbar, choose the Loan you want to include in the report.
 * 3) From the Reports menu, choose Loan Payment Report.

This report should reflect the interest rate changes for the loan.

KBCategory: kbusage kbprb kberrmsg KBSubcategory:

Additional reference words: 2.00 3.00 3.00a Loans w_money Amortize mortgage 133484

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========================================================= Keywords : kberrmsg kbprb kbusage Version : 2.00 3.00 3.00a Platform : WINDOWS ============================================================================= Copyright Microsoft Corporation 1997.