Loan payment details are bizarre

I can't seem to correct this. The payment details add up to the total payment I make each month, but make no sense to me. The payment I make is $500. The details show:
Principal -604.57; Interest 9.38; Extra principal paid 1,095.19; Total payment 500.00

I can't see what's going on here.

Answers

  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    How did that payment get set up?  Did you use Q's "Loan Wizard".  How many payments have you recorded with this setup?  Do the Principal and Interest amounts adjust, in Q, properly each month?
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP