Loan Calculator May Give Incorrect Results
  
PSS ID Number: Q121668
Article last modified on 12-11-1997
 
3.00
 
WINDOWS
 

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 3.00
 WINDOWS
 kbother kbprb
 
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 The information in this article applies to:
 
  - Microsoft Money version 3.0
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 SUMMARY
 =======
 
 The Loan Calculator in Money 3.0 may give incorrect results if the
Payment Frequency is changed after a calculation has been performed. Note
that changing other loan information such as amount, interest rate, or loan
length does not cause these incorrect results.
 
 MORE INFORMATION
 ================
 
 Before entering a new loan or changing the Payment Frequency of an
 existing loan, click the Clear All button. You will have to re-enter
 all the loan information.
 
 Steps to Reproduce Problem
 --------------------------
 
 1. From the Tools menu, choose Financial Wizards.
 
 2. Select the Loan Calculator.
 
 3. Choose the Clear All button and enter the following loan
    information:
 
       First Payment Date: Current date
       Loan Amount: $20,000.00
       Interest Rate: 7%
       Loan Length: 5 years
       Payment Frequency: Monthly
       Payment Amount: <blank>
       Balloon Payment: $0.00
 
 4. Choose Calculate, and the Payment Amount will be calculated to be
    $396.02, which is correct.
 
 5. Change the Payment Frequency to Bimonthly. Choose Calculate. The
    Payment Amount will be incorrectly calculated at $794.36 (should be
    $793.97).
 
 6. To obtain a correct calculation, choose the Clear All button and
    re-enter the above loan information with a Payment Frequency of
    Bimonthly. The Payment Amount will now be correct at $793.97.
 
 KBCategory: kbother kbprb
 KBSubcategory: Wizards
 
 Additional query words: Wizards kbhowto w_money financial wizards
 3.00
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Keywords          : kbother kbprb
Version           : 3.00
Platform          : WINDOWS
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Copyright Microsoft Corporation 1997.