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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.
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  • Chris_QPW
    Chris_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".
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    (I'm always using the latest Quicken Windows Premier subscription version)
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  • NotACPA
    NotACPA 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
  • Quicken_Tyka
    Quicken_Tyka Moderator mod

    Hello all,

    This Idea seems to have fallen stagnant and due to the Age of the request and lack of User Votes/Comments, will be archived within the next 7 business days.

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