Dick Watson wrote:
- quote -

Oops. Screwed that one up, didn't I? Good intentions, though.

When you enter the information into the wizard leave the payment, interest
rate, or amount financed blank. Only one field can be left blank, Money will
calculate the empty field based on the other fields which you will enter.
See what the difference is in the money calculated field and the amount
quoted you by Chrysler. There should be only very little difference. If
there is too much difference I'd call Chrysler and tell them to check their
calculations.

Money shouldn't be coming up with figures that are drastically different
than those quoted by your finance company. If they are that is reason for
investigation.

Good luck;


"Netmeg" <Netmeg[at]discussions.microsoft.com> wrote in message
news:5956E283-BA2B-4CFB-B918-23A516E806CB[at]microsoft.com...
- quote -

Glad things have sorted themselves out for you. Thanks for the feedback.

To add to Chris' note, try
news://msnews.microsoft.com/microsoft.public.money. That is more likely to
work independent of the setup or lack thereof of your newsreader
application. It forces the reader to use a Microsoft server rather than some
default that may or may not be setup and may or may not carry the group or
have a good feed and lots of back messages.

"Meg Geddes" <mgeddes[at]gmail.com> wrote in message
news:1127253564.937067.72890[at]f14g2000cwb.googlegroups.com...
- quote -

Meg Geddes wrote:
- quote -

Use a newsreader of some kind. It's better than the MS web interface. If
your machine runs Windows, Outlook Express works fine. (Others will flame me
for that statment.) Just click this link to see what pops up:
news:microsoft.public.money.

No, I haven't been able to get into this newsgroup via the Microsoft
xface all day, and going in other ways, they don't always appear in the
correct order. But I followed your instructions, and it seems to have
worked - thanks much. I don't have a lot of loans knocking about;
perhaps I'm just unfamiliar with the lingo. But it doesn't seem like
Money does it in a very intuitive way.

Thanks again -

Did you see my other response? 9:16AM EDT?

It's not difficult if a) you let Money figure the interest rate, and b) you
get the correct numbers in the correct boxes.

"Netmeg" <Netmeg[at]discussions.microsoft.com> wrote in message
news:6B0B7210-5234-4E35-99B1-B5DC5BEBF07F[at]microsoft.com...
- quote -

(btw, I do appreciate all the time you've taken to help me on this. I don't
quite understand why this should be so difficult when I've had no problems
with much more complex situations than a simple interest car loan)

You didn't put the total amount to be paid, $13,948.20, in the principal +
interest box did you? If so, put in the $232.47 P+I payment amount there.
Granted, this may be somewhat confusing in the context of a car loan. People
talk about P+I or PI or PITI in the mortgage loan business all of the time.
Less so in the car business.

There is NO place in the wizard where your $13,948.20 number is useful.
Trust me on this.


Here's the drill (M04--roughly the same in any version since probably M98 or
so):

Get to the Setup a Loan Account Wizard

Select Borrowing Money

Pick an account name and enter the payee name in the "Make payments to" box

Select fixed rate loan

Select No, payments have not been made

Enter the first payment due date

Select Monthly

Select Based on date payment is due

Put 11794.52 in the Loan amount box

Leave Interest rate blank

Put 5 in the Loan length box

Put 232.47 in the Principal + interest box

Leave 0 in the Balloon amount box

Money (M04, the way I just did it, anyway) will calculate an effective
interest rate of 6.8125%. Close enough for our purposes. As noted there are
dozens of possible reasons for this to differ from the rate you were quoted.
The most likely is the long first payment interval. It really doesn't
matter. You've got the loan you've got.

Continue on to setup the recurring payments.

Done.

"Netmeg" <Netmeg[at]discussions.microsoft.com> wrote in message
news:08706E4C-8C97-4F0B-BD33-22D7BD4DB66C[at]microsoft.com...
- quote -

"Dick Watson" wrote:

- quote -

As noted once previous, you will HAVE to leave one term out and let Money
compute it. I'd leave out interest rate. Put in PMT (payment), NPER (number
of periods), PV (present value) and let Money calculate I.

Money will probably conclude you are really paying a rate somewhere near
6.80643344...%. That's what Excel says is the real interest rate when I
calculate it. Per chance is your first payment further out in time than the
rest? That's be one reason why the effective interest rate is higher than
what they quoted. For the first cycle, you are borrowing the whole amount
for more than the normal one month. This is a (relatively) huge windfall in
interest to the lender.

See other reply as well.

"Netmeg" <Netmeg[at]discussions.microsoft.com> wrote in message
news:7BE4DBB2-EF08-4C8B-82E3-5606D3212568[at]microsoft.com...
- quote -

"Dick Watson" wrote:

- quote -


(and I did try it with that number, and it still didn't work - tells me my
terms don't match my amount)

"Dick Watson" wrote:

- quote -


I don't think so - the loan amount and principal+interest questions were
pretty clear.. (loan amount is $11,794.52, according to my statement)

So the principal amount, which you didn't provide, is $11,827.36, more or
less? (That's what Excel tells me...)

You didn't put the $13,948.20 into the wizard where you should have put in
the $11,827.36, per chance?

"Netmeg" <Netmeg[at]discussions.microsoft.com> wrote in message
news:1E9F66EA-6D41-4058-BCFC-DB6D675CA981[at]microsoft.com...
- quote -

"Dick Watson" wrote:

- quote -


payment amount is $232.47, interest rate is 6.69%, 5 years, so principal
plus interest is $13,948.20.

Care to provide the principal amount, the payment, the interest rate, and
the term you are telling the wizard???

It sounds to me like Money thinks the loan doesn't amortize. It's easy
enough to check...

"Netmeg" <Netmeg[at]discussions.microsoft.com> wrote in message
news:35A9DC4D-B305-4E73-928C-D55CF2A5CDEF[at]microsoft.com...
- quote -

"Dick Watson" wrote:

- quote -

Unfortunately, it didn't work. It also wants a balloon payment, and there
is no balloon payment. It will only proceed if I leave ONE field blank, and
even if I leave the balloon payment blank, it tells me that my loan terms and
amount don't work together. How is this so ridiculously difficult? I have
all my investment stuff in here with no problem.

If I were you, I'd let the wizard figure out the interest rate. Just leave
it blank. Put in the payment, principal, number of payments, etc. You may
find that the wizard's computed number is just almost what you think it is.
Or you may find out it's way off, in which case you will need to study the
fine print of the loan you got. There are lots of things that can throw this
off like a first payment delayed 59 days so that you can pay interest on the
money for the whole life of the loan. Why can you not skip the wizard?
Because it uses the numbers to figure out the payments and there IS one
right answer. (If the computed interest rate is off by some small fraction
of a percent, rounding differences or, say, a financed application fee or
some such may be throwing things off.)

"Netmeg" <Netmeg[at]discussions.microsoft.com> wrote in message
news:5956E283-BA2B-4CFB-B918-23A516E806CB[at]microsoft.com...
- quote -

Ok, I've been using Money for years and years, but never had to enter a loan
into it before. I bought a car, a simple interest loan from Chrysler. The
loan wizard apparently doesn't like the numbers I plug into it. I want to
track the loan like I track my credit card and bank transactions, and I have
the monthly payment amount, the loan amount, the loan+principal amount, plus
the interest rate as given to me by Chrysler, but no matter what I type in,
Money tells me that my numbers don't match. Isn't there any way to do this
WITHOUT the stupid wizard? I don't want it to figure out my loan payment -
Chrysler was kind enough to figure out my loan payment for me, and I'm pretty
sure they would take issue with Money's changing it. I can't be the first
person on the planet to enter a car loan into Money, so what am I missing
here?