Night Owl 6/Night Owl's Shareware - PDSI-006 - Night Owl Corp (1990).iso/008a/debtfree.zip/DFMANUAL.TXT

Text File | 1992-01-08 | 7KB | 128 lines

                                PROGRAM SUMMARY

                                   DEBT-FREE

            From the Main Menu, the following options may be selected:

         <I>nformation - a brief description of Mortgage Magic and an
         order form to facilitate user registration.

         <M>ortgage Magic - a financial program that compares your
         existing mortgage payments with various higher payments to
         optimize the yield of your savings or investment dollars.
         This program could surprise you - and literally turn your
         life around. Tens of thousands of dollars can be saved in the
         process.

         <W>hat If - a continuous loop loan analyzer that determines
         the unknown fourth element when any other three are known.

         <A>mortization - This handy module will produce just about
         any schedule that a Bank, Savings & Loan, Title Company, or
         just an individual, will ever need.

         <P>ayment Log - A module to create an ongoing amortization
         schedule with varied payment amounts, and or, interest
         rates. Each payment is logged by payment number, date, amount
         of payment, amount applied to interest, amount applied to
         principal, and new balance. Also, an excellent way to manage
         mortgage receivables.

                               OPERATION MANUAL

         <M>ortgage Magic
           Enter the mortgage principal without $ signs or commas. The
         interest rate as a whole number (integer) and decimal
         fraction where necessary. Example: 10.5 for 10-1/2%. Enter
         the term of the mortgage in months. Next, select any proposed
         higher payment amount. You might use the program suggestions
         for a start. Then press <ENTER> to view some amazing
         results. especially the EOPAY (Excess of Payments Annual
         Yield) which is the program equivalent to earned interest.
         Now you can select; <A>nother or <ENTER> - to try a new
         payment amount, <N>ew - for a different mortgage, or <Q>uit -
         to return to the Main Menu.

         <W>hat If
          Requires the same data: principal, interest, and term, as
         Mortgage Magic - but can accept new amounts as throughout the
         continuous loop. Three empty <ENTER>s tells the program that
         you are finished, and returns you to the Main Menu. To find
         the term of a contract the first time thru, at the term
         prompt, press <ENTER> to take you to the payment entry. Now
         enter your desired payment amount, and the term will be
         solved. Subsequent loops require entering "P" at the term
         prompt.
          At the principal prompt, three alpha entries enhance the
         program when needed: "S" to enter Simple Interest mode, "C"
         to return to Compound mode, and "A" to save the principal,
         interest, term, and monthly payments as they appear on screen
         and carry them directly into the Amortization module for
         extra fast data entry.

         <A>mortization
          When entering Amortization, a "company" name is displayed
         for approval or change. To change, press "Y" and enter the
         new name and address. Failing to change the address also will
         leave the old address to print with the new name. Change both
         at the same time. To accept the "company" name, press "N" or
         <ENTER>. The "client's" name is optional. Next, the loan
         principal prompt appears, enter the same without $ signs or
         commas. Points or other charges to be financed are added to
         the principal amount and are indicated, on screen only, how
         much was added. The interest rate (consistent throughout
         Debt-Free) should be entered as a whole number (integer) and
         decimal fraction. Example: 10.5 for 10-1/2%. Term is to be
         entered in months. Next, "first payment month" is required to
         date the monthly payments, as is the "first payment year".
         The month can be entered by typing at least three characters
         of the month, like "jan" - or by typing its decimal
         equivalent, like "1". Next, the calculated payment appears on
         screen and the question, "is that o.k.? (Y/N)". Enter "N" to
         adjust. "Y" or <ENTER> to accept. If the actual term is less
         than the amortized term, indicate so by answering "Y" when
         asked. Otherwise, enter "N" or <ENTER>. Next, and somewhat
         conditionally, you are asked whether to charge extra for leap
         years. Selecting yes charges additional interest for February
         29s throughout the amortization. At the "output to printer
         (Y/N)?" prompt, select "Y" for printer output. For screen
         only, enter "N" or <ENTER>.

         <P>ayment Log
          This program is companion to Mortgage Magic, and will
         maintain files on your mortgage(s) somewhat like an ongoing
         amortization schedule. The big difference is that you can pay
         a different amount each month and still keep track of the
         amount applied to principal, applied to interest, payment
         amount, date of payment, sequential number of payment, and
         new balance owed. Interest rates can also be changed on
         demand.  This module is excellent for mortgage receivables,
         also.  At: "Name of data base?". Select a name, up to eight
         characters long (prefix only, the suffix ".LOG" is automatic.
         Next, select <N>ew or <E>xisting. If it is new, enter "N",
         and answer the following questions: Name of borrower, Name of
         Lender, Loan amount, Interest rate, and term in months. If it
         is an established account, type "E". Next: "Change date?" will
         appear. If you wish to change the date or any other factors,
         answer <N>o. Otherwise, just <ENTER> for "Express treatment".
         Finally, the scheduled payment will appear and the question,
         "amount this payment" lets you select any amount, or you can
         choose the minimum (default) payment by pressing <ENTER>. If a
         payment is skipped, enter a negative amount ("-1", for example)
         to force a zero payment value. An on screen summary displays:
         Scheduled payment, Amount this payment, Applied to interest,
         Applied to principal, Previous balance, and New balance. You are
         then asked "Is this o.k.? (Y/N) or <ESC>". To change the amount of
         this payment, press "N". To accept it as is, press "Y" or <ENTER>.

          A utility program named "DFEXIST.EXE" will "set up" existing
         mortgages by using figures from an existing amortization schedule
         to start off "Payment Log" where payment amounts differ from the
         schedule. To use this utility; from DOS, type DFEXIST and answer
         questions that can be obtained from your amortization schedule.
         Upon completion of this short utility, files will be created to
         easily enter future payments as an "existing" database (do not
         select "New" database the first time you use it from within
         Payment Log).