Compounding interest Bi-Weekly

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Loribeth Clark
Loribeth Clark Member ✭✭
edited February 2023 in Budgeting and Planning Tools (Windows)
We have a loan from our TSP. We make payments bi-weekly through my husband's payroll. The loan is also compounded bi-weekly. I see there are options for Daily, Monthly, and Bi-Annually, but not one for Bi-Weekly. I selected Monthly, but this means Quicken is calculating the interest incorrectly. I have set the payments for bi-weekly, but the payment amount and interest are wrong because the compounding selection isn't correct. I'm pretty sure there isn't a workaround other than adjusting the actual interest accrued periodically. I'm hoping there's a way to let Quicken know that bi-weekly compounding should be added to the options, as I'm sure there are a lot of people experiencing the same issue. BTW, this is not a mortgage or a car loan.
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  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭
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    By Bi-weekly, do you mean every 2 weeks, which is a common pay-period? 
    I can see, in my Q, the option to set the payment to "Every other week" ... but you're correct that there's no apparent way to set the compounding period to the same.
    I'd suggest that you start a new post as an IDEA to add this option and see what support it gathers from other Q users.

    Q user since February, 1990. DOS Version 4
    Now running Quicken Windows Subscription, Business & Personal
    Retired "Certified Information Systems Auditor" & Bank Audit VP

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