Resend: Loan payments vs financial calculator mismatch
Geert Janssens
janssens-geert at telenet.be
Sun Oct 18 16:14:41 EDT 2009
I never got an answer on the question below and I'm still having trouble with
this. So I take the liberty to resend my original message:
Hi,
I am trying to setup a scheduled transaction for a loan.
At this moment I didn't receive the full table of payments from my bank yet,
but the first payment has been made.
Using the financial calculator in GnuCash, I find that the numbers fit:
I have 12 payments, for the amount that I loaned, with the interest we agreed,
the monthly payment calculated very closely matches what the bank charged me.
However, if I try to set this up using the Mortgage and Loan druid, I end up
with one payment less (11 instead of 12) and the amount per payment is too
high.
Just for reference:
The loan is:
Amount: 4.000 €
Intrest: 6.6% (or near to it, I didn't get the final number yet)
To be paid in 12 monthly payments of 343,53 € each.
The financial calculator gets very close to this.
However the druid gives me 11 monthly payments of 345,37 € each.
Where's the difference ?
Thanks,
Geert
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