Money: Interest Estimator Returns Incorrect Results
  
PSS ID Number: Q128258
Article last modified on 07-14-1997
 
3.00
 
WINDOWS
 

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WINDOWS
kbusage kbtool fixlist4.0
 
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 The information in this article applies to:
 
  - Microsoft Money version 3.0
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SYMPTOMS
========
 
In Microsoft Money, the Interest Estimator Financial Wizard may produce
incorrect results.
 
CAUSE
=====
 
To calculate the interest, Money uses the minimum balance over the
entire specified period. If the minimum balance is a negative number,
the interest calculated will be negative.
 
STATUS
======
 
This behavior was corrected in Microsoft Money version 4.0 for Windows
95.
 
MORE INFORMATION
================
 
Each account that you have (credit card, savings, interest bearing
checking, and so on) defines in its own way of how it will calculate
interest paid or charged. For example, some accounts will accrue
interest on the average daily balance, but they will compound interest
on a monthly basis, while other accounts compound interest on a daily
basis. Others will accrue interest on the minimum balance for the
period. Still others look at the ending balance on the statement date.
 
In the Interest Estimator Financial Wizard, Money uses the minimum
balance over the entire period specified to calculate the interest
estimate.
 
KBCategory: kbusage kbtool
KBSubcategory:
 
Additional reference words: w_money 3.0a 3.00
 
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Keywords            : kbtool kbusage
Version             : 3.00
Platform            : WINDOWS
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Copyright Microsoft Corporation 1997.