I need to set up a lending loan in quicken for an annual interest rate

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rayseidlinger
rayseidlinger Member ✭✭
edited April 2022 in Budgeting and Planning Tools (Windows)
I am able to set up a lending loan for a property in quicken but do not have the option to set up an annual interest rate in the documents. The IRS AFR allows an annual interest rate for loans lasting longer than 9 years and this loan is for a home. All Quicken allows is daily, monthly, and semi-annually. Appreciate your advice. R

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  • Sherlock
    Sherlock Member ✭✭✭✭
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    I suspect you're referring to the Compounding period.  If you really want to compound annually, you may convert a compounded interest rate to an annual interest rate.  There are a numerous calculators available online.  Here's one: https://www.calculators.org/savings/apy-to-apr.php
  • Sherlock
    Sherlock Member ✭✭✭✭
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    rayseidlinger said:
    Sorry for any confusion I may have created. Thank you so very much for your help. I have the annual required applicable federal interest rate. I want to enter that rate in quicken and the compounding period as annual. Quicken does not offer annual period as an option. If I cannot enter the compound period as annual is there a calculator to convert the 1.82% annual to semi-annual or other period and have the end result the 1.82% annual rate? R
    Using the calculator provided earlier, 1.82% is equivalent to a 1.811793510686588% semi-annual compound 

Answers

  • Sherlock
    Sherlock Member ✭✭✭✭
    Answer ✓
    Options
    I suspect you're referring to the Compounding period.  If you really want to compound annually, you may convert a compounded interest rate to an annual interest rate.  There are a numerous calculators available online.  Here's one: https://www.calculators.org/savings/apy-to-apr.php
  • rayseidlinger
    rayseidlinger Member ✭✭
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    Sorry for any confusion I may have created. Thank you so very much for your help. I have the annual required applicable federal interest rate. I want to enter that rate in quicken and the compounding period as annual. Quicken does not offer annual period as an option. If I cannot enter the compound period as annual is there a calculator to convert the 1.82% annual to semi-annual or other period and have the end result the 1.82% annual rate? R
  • Sherlock
    Sherlock Member ✭✭✭✭
    Answer ✓
    Options
    rayseidlinger said:
    Sorry for any confusion I may have created. Thank you so very much for your help. I have the annual required applicable federal interest rate. I want to enter that rate in quicken and the compounding period as annual. Quicken does not offer annual period as an option. If I cannot enter the compound period as annual is there a calculator to convert the 1.82% annual to semi-annual or other period and have the end result the 1.82% annual rate? R
    Using the calculator provided earlier, 1.82% is equivalent to a 1.811793510686588% semi-annual compound 
  • rayseidlinger
    rayseidlinger Member ✭✭
    Options
    Understand. Thanks!
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