Well it seems each financial institution has a different way of calculating
interest and not all use 365days/yr as the standard in APR (even many of
the online financial calculators seem to produce different results as they
use different formulas) and thus Money uses the simplest method possible.
Now if there was an universal method for interest calculation that all
institutions used worldwide we wouldn't have this problem and even us
simple folk could ensure we aren't pennied to death in interest
calculations.

"Date Received" is probably your best bet in terms of how your dealer
calculates interest. With my loans (in Canada), I use this method and when
the bank debits my account for the amount Money calculates it fairly close
(usually off by a penny or two for some reason).

What you can do is input the amount, payment and term and let Money
calculate the interest.

On Tue, 10 Aug 2004 04:11:06 GMT, "Ion Control"
<IonControl[at]echobase.rebelalliance.net> wrote:

- quote -

OK. Fair enough. Reasonable solution. OTOH, one would think a fairly
common method for calculating interest would be included in Microsoft
*Money* Thanks for the suggesiton though. Making periodic adjustment is
probably much easier than banging my head against a wall wondering why Money
doesn't cover a method used by (probably) every car dealer in America
(meaning just about every American (and it sounds like some UKers from your
post) has a loan calculated this way). Ah well. The infinite wisdom of BG


"Glyn Simpson, MVP" <glyn[at]serf.org> wrote in message
news:eZ3jb7efEHA.1652[at]TK2MSFTNGP09.phx.gbl...
- quote -

I've got a home loan which is calculated in a similar way. I went for 'date
due' on mine - mainly because Canadian was totally incorrect, and if i went
for 'date received', the interest paid changed depending on the date the
transaction was entered into the register. Hmm, thinking about it, 'date
received' may be the best option as then if you made a payment a few days
late, the interest would change....

However, not sure where you are, but in the UK the banks take a few days to
clear payments and because I don't know how long it'll be, i went for the
first option (normally three days, but if you throw in a weekend, then it's
five, or include a public holiday etc - it's unpredictable) as that stopped
me thinking about all these issues, and I could manually correct the amount
later. However, Money doesn't always get it correct down to the nearest
penny or cent and sometimes adjustments are needed. It's a lot easier when
you get statements as you can then manually correct it.

--
Glyn Simpson, Microsoft MVP - Money

Check http://support.microsoft.com/default...d=fh;EN-GB;mny
for UK tips and fixes for MS Money. To send Microsoft your wishes or
suggestions, use http://register.microsoft.com/mswish/suggestion.asp
or http://www.microsoft.com/uk/support/money/feedback especially
if it's a UK specific wish.

I do not respond to any unsolicited email regarding Money

"Ion Control" <IonControl[at]echobase.rebelalliance.net> wrote in message
news:L1ARc.3789$rE7.1328[at]newssvr23.news.prodigy.com...
- quote -

Just bought a car and I'm trying to set it up in M'03. There is not an
option for interest calculated daily. Only choise are "date received" "Date
due" and "Canadian". Is there an option I'm missing? These three options
don't do me much when the car loan says plainly that they calculate interest
daily at 1/365th of the APR. And yes, it DOES make a difference. Can't
remember exactly, but they DO make more money :P