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Can the lending loan account to my son show the interest

unknown

I setup a lending account for a loan I made to my son. We agreed on the interest of 6%. The payments are divided up between principal and interest but I want to see the monthly interest charges added to the account. A $10K isn't $10K at the end with 6% interest. How do you show the interest charges each month?

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unknown

The interest isn't paid to the loan account, it is paid to you. So you wouldn't exactly look in your loan account for it.

But you can see it in the payment schedule or by running a report on that payee/category for account where you are depositing the payment (a report if you are only interested in the interest that has already been paid).

You can see the payment schedule by going to the loan account and selecting the Settings (gear) icon and selecting Full Payment Schedule.

unknown

thank you, that makes sense. So I post his payment to the account and if he pays less than the minimum payment it accumulates and will have a balloon payment at the end.

Thanks

Jim_Harman

If he pays less than the scheduled amount, either there will be a balloon at the end or the term will be extended,

unknown

thank you, that makes sense. So I post his payment to the account and if he pays less than the minimum payment it accumulates and will have a balloon payment at the end.

Thanks

Is he going to pay a penalty like a "real loan"? (just kidding!)

BTW note if a person doesn't pay the full amount on the schedule, they will be paying more total interest for the life of the loan. And the opposite is should be true too. If they pay more then the total interest will go down.

This month's balance = Last Month's balance + (Last Month's balance * (.06 / 12))