Simple Interest

Joseph Williams

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.

Chris_QPW

And how is Quicken suppose to know the day you made the payment on any given month?  That is what makes far from "simple".

NotACPA

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.