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Random payment loan amortization calculator?
Old 01-29-2008, 01:50 PM   #1
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Random payment loan amortization calculator?

Every now and again we make loans (more specifically, my gal is a soft touch at her work and ends up loaning to workmates). I like us to get paid back, with interest (9-10%) to slightly offset the number of bad loans that have been made. No-one bothers to pay on time and as agreed, so after a half dozen payments of odd amounts at random times it gets real confusing as to what the debtors actually owe. Does anyone have a program that can track and calculate new balances, interest and priciple? Really prefer not to buy a program for that - eating the bad loans is expensive enough. I'm not spreadsheet savvy....

I know, don't loan to friends or relatives, give the money and don't look back, point 'em at the payday loan building, yadayada. But she's a softy and i'm a scrooge - looking for a software Bob Cratchit to keep the peace.
Anyone?
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Old 01-29-2008, 03:32 PM   #2
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You can do it with a regular calculator and calendar as long as you know (a) the interest rate, and (b) the amount and dates of each of the repayments.

Here's how:

1. Start with the amount lent and the date it was lent.
2. Take the annual interest rate (say, 10%) and divide by 365 to get a daily rate.
3. Count how many days there were between the date the money was lent and the date of the first repayment.
5. Multiply the amount lent (from step 1) by the number of days (from step 3) by the daily rate (from step 2). That's the interest owed.
6. Calculate the new amount owed by taking the amount lent (from step 1) plus the interest owed (from step 5) minus the amount repaid.
7. Repeat with subsequent payments.

2Cor521
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Old 01-29-2008, 03:55 PM   #3
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If you've got excel, and are connected to the internet, just search the Microsoft Excel Help [under "Help"] for "loan". You can download really easy stuff right from microsoft.

Or just go to these links and search for Loan Calculator and Loan Amoritzation Schedule. And by search I mean search using "CTRL-F".

- Alec
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Old 01-29-2008, 06:21 PM   #4
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Quote:
Originally Posted by SecondCor521 View Post
You can do it with a regular calculator and calendar as long as you know (a) the interest rate, and (b) the amount and dates of each of the repayments.

Here's how:

1. Start with the amount lent and the date it was lent.
2. Take the annual interest rate (say, 10%) and divide by 365 to get a daily rate.
3. Count how many days there were between the date the money was lent and the date of the first repayment.
5. Multiply the amount lent (from step 1) by the number of days (from step 3) by the daily rate (from step 2). That's the interest owed.
6. Calculate the new amount owed by taking the amount lent (from step 1) plus the interest owed (from step 5) minus the amount repaid.
7. Repeat with subsequent payments.

2Cor521
Well yes, if i wanted to do the math, that would work. But i'm lazy. Sorry, should have pointed that out - thank you for going to the effort of typing out those instructions - still hoping for a program that makes a computer do the work though!
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Old 01-29-2008, 07:00 PM   #5
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Quote:
Originally Posted by calmloki View Post
Well yes, if i wanted to do the math, that would work. But i'm lazy. Sorry, should have pointed that out - thank you for going to the effort of typing out those instructions - still hoping for a program that makes a computer do the work though!
OK

I'd personally do the same thing in Excel, if it were me. But if you're not spreadsheet savvy, as you say, then I don't know of any software program like you describe.

2Cor521
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Old 01-29-2008, 11:17 PM   #6
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Well, it's in the handgrenade class, but this does pretty well: Amortizer (exe), from QuantechSoftware.com - Free Downloads on ZDNet | Shareware, Trialware, Evaluation Software

Playing with it a bit and it can deal with skipped payments and random amount payments - it does seem to want payments to be made on a specific day of the month, which is not handy - i'd like it to count the actual days between payments. Should probably stop being so lazy and use the Julian feature of my desk calendar and simple math to figure actual interest and principle. sigh. it's not easy being lazy. and cheap. On a $3000 10% loan it's only 82 cents per day - have to figure out what my time is worth.
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