loan details in Quicken Mac aren't working as expected

Chris Bailey
Chris Bailey Member ✭✭
Last year, I got a $16,000 loan and added it into Quicken. I think the details are configured correctly but the math isn't working right. I'm sure the error is my own but I'm not seeing what I'm doing wrong. Hoping someone can point out my mistake.

I've attached a screenshot of the "Loan Details" pane. From my loan origination documents, here's the specifications:
- loan amount (also amount financed) = $16,000
- annual percentage rate = 6.99%
- 35 payments of $494.34
- 1 final payment of $494.96
- loan maturation date = 08/05/22
- no origination fee

I've tried fiddling with the various settings and the closest I can get the right-hand panel to show $494.34 as the monthly payment is with the settings I have here. If I change the compounding period to "Annually" (per the terms in my documents), it drops the figure on the right to $492.39. Seems minor but as I'm messing around with What If and Progress, I'm figuring getting these settings right will have an effect.

Also, things don't look quite right in the Progress screen either (screenshot attached). Instead of the minimum $494.34 payments, I've been making a flat $500 each month. However, as you can see, Quicken thinks my balance as of today is $12,000 — actually, it's $12,692.65 because of interest. The Progress pane seems to sort of be taking interest into account -- it says I've paid $4,000 in principal but doesn't look like it's treating any interest as paid. The Progress pane also says my original interest cost is $1,726.18 but my loan paperwork says it's actually $1,796.86 so that's not lining up either -- I figure that somehow goes back to an error in how I've configured the Loan Details.

Any idea what I'm doing wrong here?

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