Auto loan calculated payment by Q doesn't match bank
Using new loan functionality in Q for Mac, I set up my car loan. However, after entering all the details of the loan, the payment and principal/interest split don't match my bank payment. Not sure what to do.
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wizard can only handle "monthly interest loans" (such as a traditional
mortgage).
The problem with calculating the interest due on a
daily interest loan, it that it depends upon when the lender POSTED the
payments to the loan. When you wrote/authorized the payment is
immaterial.
On a monthly interest loan, the complete amortization
is known on the day the loan is taken out, and is only dependent upon
the borrower making the payments on schedule.
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The preceding was originally written about QWin ... but I have no reason to believe that it wouldn't hold true for QMac also ... since it's about the nature of the loan and not an attribute of Q (Win or Mac).
Now running Quicken Windows Subscription, Home & Business
Retired "Certified Information Systems Auditor" & Bank Audit VP
I'm having the same issue with my student loan.
What you need to do for both is to simply post the payment (split between principal and interest) and then edit the splits when you learn how your lender amortized the payment.
And, as I explained earlier, unless you know the EXACT DAY that the lender posted the latest payment, it's almost impossible to properly amortize the split of a "daily".
BTW, I'm a former Wells Fargo Systems Audit VP, thus my background with these loans.
Now running Quicken Windows Subscription, Home & Business
Retired "Certified Information Systems Auditor" & Bank Audit VP