Setting a car loan

[Andy Pastuszak]

Thank you everyone.  I will do just that.  Going to stop by a bank 
branch and pick up an amortization table from them and then adjust 
monthly.  It seems bank math and real math are two different things.

Andy

On 02/21/2015 11:08 AM, Paul Warthe wrote:
> I agree with Maf.
>
> A few years ago my office tried to create a loan tracking program to match one our funder was trying to get us to use (it had numerous deficiencies in other areas that caused working with it to be a nightmare). After trying numerous other pre-packaged loan programs, researching and trying several formulas, we could not match the formula used in the tracking program our funder provided. We came close, but for our needs we were required to be spot on with what the funder's program would produce.
>
> Paul
>
> -----Original Message-----
> From: gnucash-user [mailto:gnucash-user-bounces+warthes7=gmail.com at gnucash.org] On Behalf Of Maf. King
> Sent: Saturday, February 21, 2015 9:50 AM
> To: gnucash-user at gnucash.org
> Subject: Re: Setting a car loan
>
> On Sat 21 February 15 10:36:07 Andy Pastuszak wrote:
>> I tried to set up my car loan in Gnucash and the calculated monthly
>> payment doesn't match what the bank says I owe.  Gnucash says the
>> monthly payment should be $294.78, but the bank makes me pay $299.11.
>>
>> Thing is, I put the loan into other financial software and also comes
>> up with $294.78.  So, it's obviously not the math that Gnucash is
>> doing to calculate the payments.
>>
>> Is there some way to deal with this situation?  Am I just stuck
>> entering transactions manually?
>>
>> The loan has 61 payments, and I am thinking that payment 61 is
>> probably not a full payment and that's screwing up the math.
>>
>> Is there a way to deal with loans that have a final payment that is
>> different from all the others when trying to schedule payments?
>
> IMHO,  it doesn't matter what GC or any other software says - the agreement with the bank is what is going to happen.  A few quid per month either way is close enough to confirm the bank are not overcharging - it all depends on when they apply the interest, and if interest is charged on the applied interest etc....
>
> I would just schedule 61 payments in the SX subsystem, according to the lendor's schedule, and reconcile periodically that the loan agreement is being honoured.
>
> If the final payment is less, well you have a few £ extra that month - you'll spot it quickly when you reconcile the bank account - and then a one-off manual adjustment is made...
>
> 0.02
> Maf.
>
>
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