scheduled loan payment setup question

[wsheldahl@qx.net]

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On Tue, Dec 24, 2002 at 09:34:15AM -0500, Brian Smith wrote:
> On 24 Dec 2002 10:00:50 +1100
>  Conrad Canterford <conrad@mail.watersprite.com.au>=20
> wrote:
>=20
> >And once again, I'll point out that even with all this,=20
> >there will still
> >be a need to check the results against your statements,=20
> >because of the
> >rounding/truncation issues and whatever other magic the=20
> >banks perform in
> >these calculations. The numbers should be right to within=20
> >a reasonable
> >margin, but they may not be exact.
>=20
> Right, in some cases there will be a couple cents=20
> difference between the bank's calculation. Particularly=20
> for a car loan, where the best a user can do is figure=20
> interest based on the day they write the check, and the=20
> bank will figure it based on the day they receive it.=20
> Still, that's no excuse for GnuCash to not be as accurate=20
> as possible. I'll also point out that some loans, at least=20
> in the U.S., don't provide monthly statements, just a=20
> "coupon book" of payments, so there's no way to=20
> double-check your amounts.=20

For many U.S. "coupon book" sorts of loans, it may be possible to
request an amortization schedule, or a "one-time" payoff amount. At
my bank, I found that requesting a payoff amount caused them to
generate a full statement of my loan account for me. I did that
regularly, about every other month, for a while to track it until I
paid it off. Other banks may have a way to get loan information
online. Don't assume the information is completely inaccessible just
because you don't receive a printed monthly statement. ;-)

--=20
Wes Sheldahl
wsheldahl@qx.net

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