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LOANS30.DOC
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1993-01-03
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THE LOAN ARRANGER
Welcome to THE LOAN ARRANGER, a loan database and calculation utility.
With this program you can keep track of several loans at a time. In addition,
the program gives you information on the status of your loan and how to pay it
off early. Also, you can use the loan calculator to compute loan payments for
either a new loan or for refinance purposes.
MAIN MENU COMMANDS
START A NEW LOAN - Use this command anytime you are starting a new loan from
scratch. You will be asked for the following loan information:
NAME OF LOAN - The name you want your loan to be referred by (examples,
HOUSE, CAR#2, CUTLASS, etc.). Only the first 8 letters of the
name will be used. MAKE SURE THE LOAN NAME IS NOT THE SAME AS AN
EXISTING LOAN!
MONTHLY OR DAILY INTEREST - Most banks charge interest on a monthly
basis; however, some banks charge interest daily. Find out from
your bank which type they charge. With daily interest, your
interest is charged by the day; therefore, if you make a payment
a few days early, you have saved yourself some interest. Monthly
interest is charged on a month-by-month basis. You have a set
day to make your payment, and if you pay a few days early, you
are still charged the same interest.
OPENING BALANCE - Enter the total amount that you owe on your loan.
INTEREST RATE - Enter the yearly interest rate for your loan
(examples, 10.24, 9, 11.5).
ESCROW PAYMENT - Enter the amount of escrow you are paying. Escrow is
a side payment which is part of your loan payment. This extra
money is used to pay your insurance and property tax. Escrow is
used for most home loans when most of the cost of the house is
borrowed. If your loan has no escrow, then enter 0.
MINIMUM PAYMENT - Enter your required payment (including escrow).
STARTING MONTH - Enter the month your loan was started (default is the
current month.
STARTING DAY - Enter the day of the month your loan was started.
STARTING YEAR - Enter the year your loan was started (default is the
current year.
SELECT A LOAN - This option checks the disk directory to see which loans you
are keeping track of. You get the option of picking between any of these
loans.
USE LOAN CALCULATOR - This option enables you to calculate payments, compare
interest rates, and check into possible savings due to refinancing your
loan.
COMPUTE FOR NEW LOAN - Use this option when you are considering
starting a new loan, and you want to check what your monthly
payments will be. The rate span (default is 2 percent) simply
determines how much interest rate variation will be printed to
the screen. For example, if you want to find out what your
payments will be for a $20000 loan at 10% for 15 years, a rate
span of 2 percent would cause the loan calculator to compute your
monthly payments based on an interest rate between 8 and 12
percent (2 percent on each side of the 10% nominal rate).
REFINANCE EXISTING LOAN - Use this option if you want to check how
your payments will change if you refinance an existing loan.
Select the loan you are interested in refinancing. The program
will call up all applicable information from the loan file, and
prompt you for your new interest rate.
LOAN MENU COMMANDS
MAKE A PAYMENT - Use this option to make a payment on your loan. You have the
choice to:
a) Pay the minimum (the amount listed on the screen).
b) Pay extra (enter the amount you are paying).
c) Return to the loan menu without making a payment.
CHECK LOAN STATUS - Use this option to see how your loan is progressing. The
information provided is:
a) A listing of your last 15 payments.
b) A status of how your money has been spent between principal,
interest and escrow.
c) How much extra you need to pay to pay off your loan early.
d) When your loan pays off, assuming you pay only the minimum.
PRINT - Use this option to print out a listing of payments. You
can print out all your payments, or just a selected year. Not only does
the program print a payment-by-payment record of interest, principal,
escrow, and balance for the time span selected, but it also prints
the totals for these amounts, and the percentage of your total payments
that each comprises. You can also print out a payment schedule for
future payments.
CHANGE OPTIONS - Use these options to change your minimum payment, escrow
amount, or interest rate.
DELETE LAST PAYMENT - Use this option if you've made a mistake, and want to
delete the last payment you made. Each time you select this option, an
additional payment is deletd from your record. Use this option with
extreme care. It is the only option that lets you erase previous data.
MISCELLANEOUS NOTES
1) If your loan uses monthly interest, the program assumes that you will
make a payment EVERY MONTH. Make a payment of $0.01 for each month
you skip. Your loan will still be accurate. If your loan uses daily
interest, you can skip payments without any problems, so long as you
don't skip more than a year between payments.
2) When entering dollar amounts, do not put a $ in front of the amount.
3) Although the program recognizes February 29th when calculating daily
interest, you cannot make a payment on February 29th.
4) You cannot make more than 498 payments for your specific loan. After
the 498th payment, the loan database file is full. Sorry!