Home Quicken for Mac Product Ideas - Quicken for Mac Manage Accounts and Transactions (Mac)
Quicken Community is moving to Single Sign On! Starting 1/22/21, you'll sign in to the community with your Quicken ID. For more information: http://bit.ly/CommunitySSO

Simple Interest

Many loan types (auto, personal, etc.) use simple interest. I have a spreadsheet that I use to track my loan balances that B) calculates monthly interest and principal numbers since Quicken does not do simple interest. This should take an annual interest rate and days in a year (or alternatively a daily interest rate), payment amount, first day interest accrues, first payment date, and term of loan, and generates interest, principal, and balance for each month. It's actually a very simple calculation which more often than not is accurate to the penny in my spreadsheet. I'm surprised Quicken does not offer this feature.
0
0 votes

New · Last Updated

Comments

  • Chris_QPWChris_QPW Member ✭✭✭✭
    And how is Quicken suppose to know the day you made the payment on any given month?  That is what makes far from "simple".
    (I'm using the latest Quicken subscription version)
  • NotACPANotACPA SuperUser, Windows Beta Beta
    edited July 2020
    Actually, they typically use DAILY interest.  Where the interest due with your August payment is dependent upon when your JULY payment was posted.
    And, Q has no way of knowing that.
    In your examples, are the account that makes the payment, and the account that receives the payment at the same bank?  If SO, you know the posting date.
    But if 2 different banks it would be most difficult.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
Sign In or Register to comment.