| Interest Calculator Help |
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Setting the Amortized Base The amortized base is a number that is used to calculate the long term amortization of a loan. Most lending institutions use an amortized base of 365, but there are some that use 360. To change the amortized base, make a choice from the Amortized Base drop down box. Resolving Residual Balances Often when loans are amortized using the industry standard formula, there is a small residual principal balance left over after all of the predetermined payments have been made. If you want to have an additional payment added to the amortization to pay off the residual balance, select the Increase the number of payments radio button. If you choose to force the payment amount to increase until the loan will be extinguished within a specific number of payments, select the Increase the payment amount radio button. Printing Images An image representing your company's logo may be printed at the top of each of the reports. The maximum size for this image is 50 x 190 pixels. To use an image on the reports, first check the Print Image checkbox. Then, using the button provided, browse to the image file that you want to associate to the report. Image printing is not applicable when using the classic view. Enabling Classic View The Rich Text versions of each of the reports that were supplied with previous versions of the Interest Calculator can be used by selecting the Classic View checkbox. However, several of the new options for reporting are not available when classic view is selected. Setting up the Amortization Report Enter values into the Title and Loan Type fields to change the values of these descriptions on the amortization report. By default, the annual and overall totals for the payments, principal, and interest print on the amortization schedule. Deselect the Print Annual and Overall Totals checkbox to avoid printing out these totals. Setting up the Daily Interest Report Enter values into the Title and Subtitle fields to change the values of these descriptions on the daily interest report. Setting up the Savings Interest Report Enter values into the Title and Subtitle fields to change the values of these descriptions on the savings interest report. By default, the annual and overall totals for the payments, principal, and interest print on the savings interest report. Deselect the Print Annual and Overall Totals checkbox to avoid printing out these totals. |
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Calculating Payment Amounts
Complete the principal balance, interest rate, number of years, and number of months fields and then click the
calculate button in order to figure the payment amount of a loan.
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Calculating the Number of Payments
Complete the principal balance, interest rate, and payment amount fields and then click the
calculate button in order to figure the number of payments to extinguish a loan.
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Calculating an Amortization Schedule
Complete the principal balance, interest rate, payment amount, number of years, and number of months fields and then click the
calculate button in order to figure all of the fields necessary to view an amortization schedule.
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Calculating Daily Interest
Complete the number of days, principal balance, interest rate, and payment amount fields and then click the
calculate button in order to figure the daily interest variables.
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Calculating Savings Interest
Complete the beginning balance, interest rate, frequency compounded, number of years, and number of months fields and
then click the calculate button in order to figure the amount of savings interest earned.
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