Setting a car loan

[Andy Pastuszak]

• Loan Principle Value $16,261.32
• Loan Duration (number of years) 5 years (61 payments)
• Loan Interest Rate 3.89%
• Your Payment Frequency (monthly?) monthly
• Bank's Required Monthly Payment Amount $299.11

Car was purchased on 12/22/2014.  First payment was due on 2/5/2015.

On 2/21/2015 11:17 AM, jcard21 xxxxxxx wrote:
> 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?
> Would you give us the following missing loan info:
>
> • Loan Principle Value $
> • Loan Duration (number of years)
> • Loan Interest Rate %
> • Your Payment Frequency (monthly?)
> • Bank's Required Monthly Payment Amount $299.11
>
> Thanks.
>