Auto Loan calculation incorrect?
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anon9999
Member ✭
It appears that Quicken for Mac is not calculating my auto loan correctly. Loan with original balance of 58736.75 with 156 bi-weekly payments @2.99% interest it thinks is 387.78 per payment. My loan documents indicate 411.76 and same thing when I use an online auto loan calculator and when I calculate it by hand. Anybody else have this issue and if so is there a remedy?
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Auto loans have calculated interest on a daily basis. Mortgage loans are amortized on a monthly basis. Quicken thinks all loans are mortgage loans.
You'll need to manually adjust the principle and interest for auto loans for each payment according to your auto loan monthly statement.
Unfortunately, there is no remedy for this.-1
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