Resend: Loan payments vs financial calculator mismatch

[Derek Atkins]

Geert Janssens <janssens-geert at telenet.be> writes:

> 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 ?

Sounds like a fencepost error..  Not sure who's error it is.

> Thanks,
>
> Geert

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-derek

-- 
       Derek Atkins, SB '93 MIT EE, SM '95 MIT Media Laboratory
       Member, MIT Student Information Processing Board  (SIPB)
       URL: http://web.mit.edu/warlord/    PP-ASEL-IA     N1NWH
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