Interest Only Setup

Question

I can't seem to setup and interest only payment loan! Anyone has a link to a tutorial I can use please? Thank you

Frankx · Answer

Hi @Ahmed,

You said "On step 6 when I enter the dollar value of the interest rate I get an error...".  That's not what you should have done according to the instructions.  You were instructed to enter the "interest amount" of the first payment - not the interest rate.

Please take a look at the steps and try them again.

Frankx

Ahmed · Answer

I had to to take a break from this and just came back to it. I followed these steps (thank you so much for your effort). On step 6 when I enter the dollar value of the interest rate I get an error saying "Interest rate must be between 0.0% and 50.0%"!

Thank you again for your continued efforts to help.

Frankx · Answer

Hi again Ahmed,

Sorry that didn't work.  Let's try again with these instructions:

1) Click on the "+" sign and on the next page select "+Offline Account" at the bottom of the screen;
2) then in the "Loan & Debt" section > click on "Loan";
3) In the "Loan Details" pop-up window, leave the "Origination date" as today's date, but put the correct information in the Original Balance, and "Interest Rate" fields;
4) The Q internal calculator should then calculate the "Monthly Payment" amount at the bottom.  Click on the "Next" button.
5) On the next page - you'll see a breakdown of the "principal" and "interest" amounts for the first payment - Write down the "interest amount" of that 1st monthly payment.  Then press the "Back button which will return you to the prior screen;
6) On this screen, first insert the "interest amount" that you wrote down in step 5) above and then change the "Origination date" to the actual date you took out the loan:
7) Press the "Next" button for the next three (3) screens and that will get you to the "Loan Payment Reminder" screen which you can fix the "Due Next On" date (if it is incorrect) and then click "Done" and "Finish".

This will setup the loan and related loan payments to reflect the "interest only" loan you wanted.

Let me know if you have any follow-ups.

Frankx