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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3.0 3.0a 4.0 4.0a 5.0
WINDOWS
kbusage
 
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The information in this article applies to:
 
 - Microsoft Money versions 3.0, 3.0a
 - Microsoft Money versions 4.0, 4.0a, 5.0 for Windows 95
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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
----------------------------------------
 
1. Enter a new loan or import an existing loan.
 
2. 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.
 
   a. To customize the report, click the Customize button at the
      bottom of the screen.
 
   b. 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.
 
   c. 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
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Copyright Microsoft Corporation 1997.