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ZCALC.MAN
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1989-03-25
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THIS MANUAL WAS DEVELOPED FOR DESKTOP PUBLISHING ON THE hp LaserJet
PRINTER.
CONVERTING IT TO PRINT ON AN ASCII TEXT PRINTER ELIMINATES ABOUT 98%
OF ITS APPEAL.
ALL THE DATA IS HERE SO THAT YOU CAN ADEQUATELY ASSESS THE PROGRAM'S
USEFULNESS TO YOU.
THE REGISTERED VERSION IS SHIPPED WITH THE LAZER MANUAL!
Instruction Manual
ZCALC
Regulation Z
Installment Loan Calculator
Vers 1.04
Bottom Line Software
P. O. Box 1804
Burleson, Texas 76028-1804
817-447-5524
February 1988
TABLE OF CONTENTS
License agreement and warranty . . . . . . . . . . . . . . . . . . 1
Disk contents . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
Automatic Installation . . . . . . . . . . . . . . . . . . . . . . 3
Manual installation . . . . . . . . . . . . . . . . . . . . . . . . 4
If you have trouble reading the screen . . . . . . . . . . . . . . 4
How to start the program . . . . . . . . . . . . . . . . . . . . . 5
Screens . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Menus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Using menus . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Entering loan data on the screen . . . . . . . . . . . . . . . . . 8
Amount advanced . . . . . . . . . . . . . . . . . . . . . . . 8
Previous balance . . . . . . . . . . . . . . . . . . . . . . . 8
Rate, (APR) . . . . . . . . . . . . . . . . . . . . . . . . . 8
Entering dates . . . . . . . . . . . . . . . . . . . . . . . . 9
Date of note . . . . . . . . . . . . . . . . . . . . . . 9
Date of first payment . . . . . . . . . . . . . . . . . . 10
Official fees . . . . . . . . . . . . . . . . . . . . . . . . 10
Other fees . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Credit life premium and A/H premium . . . . . . . . . . . . . . . 10
Days to first payment . . . . . . . . . . . . . . . . . . . . 11
Odd days interest . . . . . . . . . . . . . . . . . . . . . . . . . 11
Selecting menu options . . . . . . . . . . . . . . . . . . . . . . 12
Zcalc printed report . . . . . . . . . . . . . . . . . . . . . . . 12
How to read the report . . . . . . . . . . . . . . . . . . . . . . 14
Amount advanced . . . . . . . . . . . . . . . . . . . . . . . 14
Previous Balance . . . . . . . . . . . . . . . . . . . . . . . 14
Official fees . . . . . . . . . . . . . . . . . . . . . . . . 14
Origination fee (adds to APR) . . . . . . . . . . . . . . . . 14
Credit life premium . . . . . . . . . . . . . . . . . . . . . 14
A&H premium . . . . . . . . . . . . . . . . . . . . . . . . . 14
Total amount financed . . . . . . . . . . . . . . . . . . . . 14
Total finance charge . . . . . . . . . . . . . . . . . . . . . 15
Total of payments . . . . . . . . . . . . . . . . . . . . . . 15
Number of regular payments . . . . . . . . . . . . . . . . . . 15
Amount of regular payment . . . . . . . . . . . . . . . . . . 15
Amount of final payment . . . . . . . . . . . . . . . . . . . 15
Quoted rate . . . . . . . . . . . . . . . . . . . . . . . . . 15
Actual rate (APR) . . . . . . . . . . . . . . . . . . . . . . 16
Date of note . . . . . . . . . . . . . . . . . . . . . . . . . 16
Date of first payment . . . . . . . . . . . . . . . . . . . . 16
Date of last payment . . . . . . . . . . . . . . . . . . . . 17
Days to first payment . . . . . . . . . . . . . . . . . . . . 17
Days to last payment . . . . . . . . . . . . . . . . . . . . . 17
Fractional period, per RegZ . . . . . . . . . . . . . . . . . 17
Odd days interest charged . . . . . . . . . . . . . . . . . . 17
Payments per year . . . . . . . . . . . . . . . . . . . . . . 17
Balloon at payment number . . . . . . . . . . . . . . . . . . 17
Balloon principal payment . . . . . . . . . . . . . . . . . . 18
Balloon interest payment . . . . . . . . . . . . . . . . . . . 18
Balloon total payment . . . . . . . . . . . . . . . . . . . . 18
Balloon CL prem level part . . . . . . . . . . . . . . . . . . 18
Balloon CL prem decreasing part . . . . . . . . . . . . . . . 18
Comments . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
vers 1.0x - Texas . . . . . . . . . . . . . . . . . . . . . . 19
License agreement and warranty
I have read and agree to the following license agreement.
The program and the users manual contain valuable intellectual
property and trade secrets of Bottom Line Financial Software, Inc. I
understand that I may make as many copies as I want for backup but I
will not sell, rent, loan, give or otherwise transfer possession of any
copy of the program or of any other materials supplied to any person or
other entity.
I am authorized to use this program simultaneously on all the
computers at a single location. If I have branch offices, drive in
offices, mini lobbies, or other facilities that are not physically
connected, each of these facilities is required to purchase a separate
license.
This product is supplied with only one warranty. Within 15 days of
receipt, if this product fails to perform any advertised function, I
may return it postage prepaid, with a printout of any erroneous result,
or a written description of the advertised function which failed, for a
full refund. Computer rounding differences are not considered to be
erroneous operation. Bottom Line Financial Software, Inc. disclaims any
other warranty expressed or implied, including without limitation, the
warranties of merchantability or fitness for any purpose.
ZCALC consumer installment loan calculator page 1
ZCALC is a consumer loan calculator. It performs the same function
as the programmable calculators available from many calculator
manufacturers.
ZCALC however runs as a program on your IBM-PC or compatible
computer. You can have a copy for each officer or secretary who has
access to a PC. Much more convenient and affordable than buying
additional calculators. Your license agreement allows you to make as
many copies as you need for use in your own shop.
ZCALC computes odd periods to first payment, credit life and A&H
premiums.
Disk contents
The disk you receive will contain the following files:
ZCALC.EXE The program file.
MENU.BAT The batch file to print the menu.
MENU.SCR The actual menu.
1.BAT Batch files to execute the menu
2.BAT options with the corresponding
. number.
.
N.BAT
?.DOC A file containing data to be displayed
on the screen by a batch file.
ZCALC consumer installment loan calculator page 2
Automatic Installation
The ZCALC distribution disk contains software to install the
program for you. You may access this software through the installation
menu.
0) <return> means press the return or enter key.
1) Place the distribution disk in drive A:
2) Log on to drive A: using the command:
A:<return>
3) Type the command:
menu<return>
You will be presented this menu:
1) Run ZCALC the Reg Z loan calculator.
2) Install ZCALC on the floppy in drive B:
3) Install ZCALC on the hard drive C:
4) Install Zcalc on the floppy in drive B: (mono)
5) Install ZCALC on the hard drive C: (mono)
6) If you have trouble reading the Zcalc screen
Type menu selection, then <Return>
Note that option 4) and 5) refer to mono (monochrome) versions.
These versions are for machines with no color capability. They are
exactly the same program as the versions installed by option 2) and 3).
The only difference is that they are started by a batch file which
instructs the program to convert all screen output to black and white.
ZCALC consumer installment loan calculator page 3
Select the installation option that matches your computer. If you
have a monochrome monitor and a color graphics card, you may or may not
be able to use the color version. The monochrome version ignores the
hardware configuration and converts all colors to black and white. It
should work on any computer.
The actual installation process is very simple and takes only a
few seconds. You will be asked to verify that your disks are in the
correct drives and then the computer will install ZCALC to your floppy
disk or your hard drive.
Manual installation
ZCALC comes to you on a non copy protected diskette. The first
thing you must do is to copy the program your work disk. NEVER USE THE
ORIGINAL DISKETTE FOR ANYTHING BUT MAKING COPIES!
Only one file is required for the ZCALC program to operate, the
program file ZCALC.EXE. You may copy this file to a floppy disk or to
any subdirectory of your hard disk.
If you have two floppy disks and no hard disk, copy the contents
of the distribution diskette to the floppy diskette which contains your
every day working programs.
If you do not have a disk which contains programs you use often,
it is recommended that you prepare a work disk by copying the contents
of the distribution diskette to a new blank diskette. Remember! You
must format new disks before you can copy data to them. See you DOS
manual if you do not know how to format a new disk. BE CAREFUL, THE
FORMAT COMMAND IS THE MOST DANGEROUS COMMAND IN DOS.
If you have a hard disk, copy the program to the hard disk
subdirectory which contains your executable programs. If you do not use
subdirectories, simply copy the contents of the diskette to your hard
disk using the COPY command.
If you have trouble reading the screen
ZCALC is written to take advantage of the attributes of a color
monitor. All screen output is in color. Some monochrome monitors are
more successful than others at displaying color screens. Some are so
good, you will have no problem at all. Others are so bad that your
screen may appear partially or completely blank.
ZCALC attempts to determine if your machine has a color monitor.
If ZCALC can determine that your machine does not have a color monitor,
it will convert all screen output to black and white.
ZCALC consumer installment loan calculator page 4
Unfortunately, the only information available to a program running
on an IBM compatible PC is whether the machine contains a color video
adapter card. Many machines, especially clones, which are designed to
run graphics programs on monochrome screens, tell the program they
contain a color card. This does not mean however that the machine has a
color monitor. These machine may cause problems.
If your machine has the color video adapter and a monochrome
monitor, you may force the program to convert all output to black and
white by starting the program with this command line:
ZCALC B<RETURN>
The B on the command line tells the program it is using a (B)lack
and white monitor and that regardless of what the hardware says, it
should send only black and white video signals to the monitor.\
The auto install menu creates a batch file to supply this B
parameter for you automatically. If you are curious about batch files,
see your DOS manual and use the menu to do the installation for you.
Then take a look at the file ZCALC.BAT and notice that the program file
has been renamed to ZCALCM.EXE.
How to start the program
After the program has been installed, it is started by typing its
name, ZCALC dollowed by the return key.
ZCALC consumer installment loan calculator page 5
Screens
ZCALC has only one screen. Only one is needed. When ZCALC is
loaded, you will see this screen:
- Texas Installment Loan Calculator -
Amount advanced Official fees financed
Previous balance Origin fee (adds to APR)
Rate, (APR) Credit life premium
Date of note A/H premium
Date of first payment Total amount financed
Number of payments Total finance charge
Payments per year Total of payments
Balloon payment at Payment amount
Amount of balloon pmt Odd days to first pmt
You will enter all data on this screen. If you are "just playing
around", you will get all the answers you need from this screen. When
you find a combination that works for your customer, you will ask ZCALC
to print you a report. The report is quite extensive and will give you
all the information you need about the loan calculations.
Menus
ZCALC will occasionally ask for additional information such as
what type credit life insurance, if any, you want to place on the
loan. These selections will be made from menus that will appear at the
bottom of the screen. When a menu pops up, it will temporarily obscure
the data that was previously on the screen. Do not worry, it is not
lost. When your menu selection has been made, the screen will be
restored to the same condition as before the menu appeared.
ZCALC consumer installment loan calculator page 6
The menus will "pop up" like this:
- Texas Installment Loan Calculator -
Amount advanced 1,000.00 Official fees financed 12.00
Previous balance 1,000.00 Origin fee (adds to APR) 10.00
Rate, (APR) 12.00 Credit life premium
Date of note 01/01/88 A/H premium
Date of first payment 01/01/88 Total amount financed
Number of payments 36 Total finance charge
Payments per year 12 Total of payments
Balloon payment at Select CL Payment amount
1 Decreasing single
Amount of balloon pmt 2 Level single s to first pmt
3 Joint decreasing
4 Joint level
5 None
In the above example, all the data has been entered up to the
point that the program needs to know what type of credit life insurance
is to be computed for the loan. The menu "pops up" at the bottom of the
page and asks the operator to select a credit life option.
Using menus
When you are presented a menu, the first thing you will
notice is that one of the menu options is highlighted, printed in
reverse colors. This is the default option. The default option is
the option the program will use if the operator does not make a
selection.
There are two ways to choose an option from a menu. The first
is to press the numeric key on the keyboard corresponding to the
number to the left of the option, followed by pressing the return
or enter key. You may use either the typewriter numeric keys at
the top of the keyboard or the ten key numeric keypad (If your
keyboard has one). NOTE however these are the number keys. They
are NOT the function keys labeled F1, F2, etc.
The other method is to use the up arrow or the down arrow
cursor keys on your keyboard to select the desired option and then
press return to execute it. Try this out by pressing up arrow or
down arrow and you will quickly see how it works.
ZCALC consumer installment loan calculator page 7
Remember, you must also press the enter (return) key.
Instantly, when the return key is pressed, the screen will be
restored to its condition before the menu appeared and the program
will continue, or quit, if the quit option was chosen.
In some cases, two menus will appear in succession. For
example, the very next need after selecting the credit life option
is to select the accident and health insurance option.
Entering loan data on the screen
The data input screen is like a blank form. You can enter
data and if you don't like it, or if you make a mistake, you can
go back and correct it. Use the cursor control keys to move around
the screen and make corrections.
Note however that you can only correct the data you enter,
you cannot make changes to the calculated fields on the screen.
In summary, you can change anything you enter before you select
the type of credit life insurance. After that, everything else is
calculated and you cannot change it.
If you do not like the results produced by your selections,
select the option to "Calculate an other" loan. You will be
presented the same information you entered previously and allowed
to change any or all items.
Amount advanced
This is the amount of the new credit advanced. The amount
that will actually be advanced to the customer. In the case of a
renewal or refinance, this amount may be zero. Enter dollars and
cents. DO NOT ENTER COMMAS.
Previous balance
This is the total amount of all balances renewed or
refinanced. If more than one loan is being rewritten, the net pay
off balances of all these loans must be computed and totaled,
their total is entered here. If this is a new loan, the previous
balance will be zero. Enter dollars and cents. Do not enter
commas.
Note
Either the amount advanced or the previous balance may be
zero. They may not BOTH be zero. Attempting to use zero for both
amounts will produce unpredictable results.
Rate, (APR)
ZCALC consumer installment loan calculator page 8
This is quoted rate, simple interest. Zcalc does not work
with work "ADD ON" rates.
Enter the rate however you like. You may enter twelve and one
half percent as 12.5 or as .125. Zcalc will understand what you
are thinking and will adjust the rate accordingly. In other words,
if you enter a number greater than 1.00 for the rate, ZCALC will
divide it by 100 before using it. Unfortunately, this means you
cannot use a rate of 100% or greater.
Special state rates: The state of Texas allows a special
small loan rate called a split rate. It is called the eight-
eighteen rate due to the way it is computed. Eighteen dollars per
one hundred dollars financed up to $970.00 and eight dollars per
one hundred dollars financed in excess of $970.00 but not
exceeding $8500. To access this rate structure, enter 818 for the
interest rate (no decimal).
Entering dates
Zcalc presents you with a blank template to fill in for the dates.
It looks like this:
[ / / ]
Dates are entered month/day/year, like this:
[mm/dd/yy]
You must enter all six figures. If the month or,the day is
the sixth, you must enter 06, not just 6. This is inconvenient but
necessary for the validation routines.
Each date entry is validated before you can leave the date
field. If the date entered is not a valid date, the computer will
beep and refuse to continue on to the next field. When this
happens, use the backspace or left or right arrow keys to move to
the invalid part of the date and change it, or reenter the entire
date if you like.
Date of note
This is the date of the note, Zcalc assumes the funds are
disbursed on this date. Interest will be charged beginning on this
date. Odd days interest calculations will use this date.
ZCALC consumer installment loan calculator page 9
Date of first payment
This is the date on which the first monthly payment will come
due. All subsequent payments will be due on the same day of each
succeeding month. This date is also used in the odd days interest
calculations.
This date can be any time after the date of the note.
Zcalc does not judge your lending policies. The date of the
first payment can be one day or one hundred days after the date of
the note. Zcalc doesn't care.
Your insurance company however will care. If the first
payment is more than 45 to 60 days after the date of the note,
your credit life and A&H insurance will most likely not completely
cover any claims.
Official fees
Enter any official fees charged here. UCC filing fees,
automobile title registration fees, etc. This field is for fees
that the lender actually paid, in cash, for the borrower. These
fees are added to the amount financed and are not included in the
finance charge when computing the APR for the disclosure
statement.
Other fees
This fee is added to the finance charge when computing the
APR to disclose. This is the place to put an origination fee or
points.
The calculations collect this fee over the life of the loan.
It is NOT added to the amount financed. If you attempt to use a
business calculator to check the payment computed by Zcalc, you
will have to allow for this fee.
Credit life premium and A/H premium
These insurance premiums are calculated according to built in
formulas for each state or insurance company. You cannot change
them. If they are not correct for your state or your insurance
carrier, contact Bottom Line Software. Custom versions are
available.
ZCALC consumer installment loan calculator page 10
Total amount financed
Total finance charge
Total of payments
Payment amount
Odd days to first payment
These items are calculated and displayed. You may not enter
any of them.
Note that the payment amount is calculated so that the
payment amount multiplied by the number of payments is exactly
equal to the total of payments. There will never be a final
payment of an odd amount. Nor will there be rounding differences.
Every dollar amount is adjusted to real world exact cents. The
necessary odd fraction is then transferred to the calculated
Annual Percentage Rate, the APR to be disclosed.
Days to first payment
The number of days to the date of the first payment is
calculated and displayed for your information. It is not displayed
on the screen but is printed on the printed report. Make it a
habit to check it. You will catch errors in date entries by doing
so. For example, if you enter the same date twice, the days to
first payment will be 0 when you were expecting it to be 30 or 31.
Odd days interest
Interest is computed for odd days in accordance with the
requirements of Reg Z. Reg Z specifies that odd days interest be
calculated as a partial period rather than a certain number of
days.
If the date of the note is 02-01-88 and the first payment is
due 03-10-88, the odd days interest is calculated as the fraction
of a month from 02-01-88 to 02-10-88. The regulation states it is
the fractional period from the date of the note until the date one
month before the first payment. In this example there are 9 odd
days from 02-01-88 to 02-10-88. The odd days interest is
calculated as follows:
odd_days_interest = rate X principal / 12 X fractional_period
the fractional_period is the odd days divided by the nominal
number of days in a period. For monthly payments this is defined
as 30. Thus:
Fractional_period = 9 / 30 = 0.3000
ZCALC consumer installment loan calculator page 11
If the principal is 1000.00 and the rate is 10%, it figures out
like this:
odd_days_interest = .10 X 1000 / 12 * .3000 = 2.50
Using a strict 365/365 calculation, this would be:
.10 X 1000 X 9 / 365 = 2.47
In this case Reg Z gives a little more, in other cases, it will
give a little less.
Selecting menu options
When you are presented with a menu at the bottom center of
the screen, you select the desired option by using the up and down
arrow keys to move the option pointer to the desired option and
then pressing the return key.
Alternatively, you may select a menu option by pressing the
number key corresponding to the option number to the left of the
menu item. These are NUMBER keys, NOT function keys. To select
option 3, press the "3" key on the typewriter or on the numeric
keypad and then the <return> key.
On most computers, the selected option will appear in reverse
video. On some systems however the reverse video does not appear.
Zcalc printed report
Upon request, Zcalc will print a printed report giving all the
details about the loan you have calculated. It allows you to add up to
four lines of comments concerning the loan. These comments are typed on
the screen and may be "amended" if necessary on the screen before
printing the report.
ZCALC consumer installment loan calculator page 12
The Zcalc report looks like this:
Name of YourNationalState Bank here
-------------------------------------------------------
Amount advanced.................:
Previous Balance................:
Official fees...................:
Origination fee (adds to APR)...:
Credit life premium.............:
A&H premium.....................:
Total amount financed...........:
Total finance charge............:
Total of payments...............:
Number of regular payments......:
Amount of regular payment.......:
Amount of final payment.........:
Quoted rate ....................:
Actual rate (APR)...............:
Date of note....................:
Date of first payment...........:
Date of last payment...........:
Days to first payment...........:
Days to last payment............:
Fractional period, per RegZ.....:
Odd days interest charged.......:
Payments per year...............:
Balloon at payment number.......:
Balloon principal payment.......:
Balloon interest payment........:
Balloon total payment...........:
Balloon CL prem level part......:
Balloon CL prem decreasing part.:
Comments:
This is comment line one.
This is comment line two.
This is comment line three.
This is comment line four.
vers 1.0x - Texas Beta test version
ZCALC consumer installment loan calculator page 13
How to read the report
Some items on this report are self explanatory, others are not.
This is what they are and how they are used by the program.
Amount advanced
This is the amount advanced. The number here will be the
amount you entered as the amount advanced on the data entry
screen.
Previous Balance
This is the amount of any renewed balance or balances from
prior loans being renewed or rewritten. This is the amount you
entered on the data entry screen.
Official fees
This is the amount of fees you entered on the data entry
screen.
Origination fee (adds to APR)
This is the amount of origination fee you entered on the data
entry screen.
Credit life premium
This is the credit life premium computed for the note. This
premium amount takes into account the state rates, the type of
coverage, the amount of coverage and the term of the note. See
also the items for Balloon credit life premium on the level part
of the balloon note and the balloon credit life premium on the
decreasing part of the balloon note.
A&H premium
This is the Accident and Health (disability) insurance
premium computed for the note. This premium amount takes into
account the state rates, the type of coverage, the amount of
coverage and the term of the note. Accident and health insurance
is not always available on balloon notes.
Total amount financed
This is the total of all items which are considered part of
ZCALC consumer installment loan calculator page 14
the principal of the loan. It includes the amount advanced, prior
balances, credit insurance premiums, official fees, etc.
Total finance charge
This is the total interest charge for the entire life of the
loan. It does include the origination fee if one is charged. It
does not allow for late charges or interest on late payments. It
assumes all payments are made on time.
Total of payments
This is the total of all the payments required to repay the
loan. If there is a balloon payment, it is included. If there is
no balloon payment, this is simply the payment amount times the
number of payments.
Number of regular payments
This is the number of payments in the repayment schedule. It
is the number entered on the data entry screen as the number of
payments.
Amount of regular payment
This is the amount of the normal monthly payment. If there is
a balloon payment, the balloon payment will be for a greater
amount. The amount of the regular payment is the amount of payment
necessary to repay the loan in the number of monthly payments
given as the number of regular payments.
Amount of final payment
This is the same as the amount of regular payment. It is not
the same as the Balloon payment. This payment amount anticipates
the need in some cases for the final payment to be for the amount
remaining unpaid. This amount may be a few cents to a few dollars
different from the regular payment. This version of Zcalc does not
use this payment amount. It deliberately adjusts the payment
amounts so that there are no rounding errors and so that the final
payment will be exactly the same as the regular payment.
Quoted rate
The quoted rate is the nominal rate of interest. It is the
beginning rate, the rate from which we will make our adjustments.
The quoted rate does not include the effects of rounding
calculations, nor does it include the origination fee. If an
origination fee is charged, it is added to the amount financed and
will increase the true yield, the disclosed APR.
ZCALC consumer installment loan calculator page 15
Actual rate (APR)
The actual rate is the true yield. This is the actual rate
earned by the lender after accounting for rounding off of payment
amounts, credit insurance premiums, official fees, and any other
fees. If an origination fee is charged, it is included in this
rate as part of the interest earnings.
The calculations accrue the origination fee over the life of
the loan. The lender may wish to take the origination fee into
income immediately, and may do so without distorting the
regulation Z compliance of the program. Regulation Z requires a
disclosure to the consumer of the rate the borrower is actually
paying. From the point of view of the borrower, it makes
absolutely no difference when the lender considers part of a
payment to be income, or indeed how much the lender applies to
income or principal.
The only thing the borrower cares about is how many payments,
how much time, and what payment amount.
Date of note
The date entered on the data entry screen as the date of the
note.
This is the date of the note, Zcalc assumes the funds are
disbursed on this date. Interest will be charged beginning on this
date. Odd days interest calculations will use this date.
Date of first payment
This is the date on which the first monthly payment will come
due. All subsequent payments will be due on the same day of each
succeeding month. This date is also used in the odd days interest
calculations.
This date can be any time after the date of the note.
Zcalc does not judge your lending policies. The date of the
first payment can be one day or one hundred days after the date of
the note. Zcalc doesn't care.
Your insurance company however will care. If the first
payment is more than 45 to 60 days after the date of the note,
your credit life and A&H insurance will most likely not completely
cover any claims.
ZCALC consumer installment loan calculator page 16
Date of last payment
This is the maturity date. the final payment is due on this
date. If there is a balloon payment, it is due on this date.
Otherwise the final regular payment is due.
Days to first payment
The number of calendar days from the date of the note to the
date the first payment is due. This date is used in computing the
number of odd days if there are any.
Days to last payment
This is the number of days from the date of the note to the
maturity date. This number is used in calculating the balloon
payment.
Some computer systems also request this number as a double
check on lending policy compliance and data entry accuracy.
Fractional period, per RegZ
This is the time period for which odd days interest is
charged. This is not a number of days. If the normal payment
period is one month, reg Z assumes every month is 30 days. If the
number of odd days is 18, the fractional period is then 18/30 or
0.30000 periods.
Odd days interest charged
Using the 18 odd days in the example above, the odd days
interest would be calculated as 0.3000 times the interest due for
the first period. This does not reduce the interest due during the
first period. It is in addition to the interest due during the
first period.
Payments per year
How many regularly scheduled payments will be made in one
calendar year. The current version of Zcalc only handles monthly
payments so this number is preset at 12.
Balloon at payment number
This is the same number that was entered by the operator on
the data entry screen as the payment at which the loan balloons.
ZCALC consumer installment loan calculator page 17
The loan is due in 23 payments computed on a 60 month
amortization and one final payment for all interest and principal
remaining unpaid. The balloon payment is due the month after the
23rd payment, the 24th month. The balloon payment is payment
number 24.
Disregard odd days when answering this question.
Balloon principal payment
Each payment consists of an interest component and a
principal component. As the payment schedule progresses, the
interest component becomes smaller and the principal component
becomes larger. At the balloon payment date however, the principal
component takes a big jump because the principal for all those
remaining months suddenly becomes due today.
This number is reported for information only. It is not
needed in processing the loan.
Balloon interest payment
Each payment consists of an interest component and a
principal component. As the payment schedule progresses, the
interest component becomes smaller and the principal component
becomes larger. At the balloon payment date however, the principal
component takes a big jump because the principal for all those
remaining months suddenly becomes due today. The interest
component however remains just slightly smaller than for the
previous payment.
This number is reported for information only. It is not
needed in processing the loan.
Balloon total payment
The total balloon payment due. Simply the balloon interest
component plus the balloon principal component.
Balloon CL prem level part
Balloon CL prem decreasing part
When computing credit life insurance for a balloon loan,
there are actually two different payment streams that must be
protected. The first is the stream of regular monthly payments.
This is protected by a decreasing term policy for the decreasing
amount of the loan.
The balloon part of the loan however does not decrease. It
stays the same right up to the maturity date. This part of the
ZCALC consumer installment loan calculator page 18
loan is covered by a level term policy for the amount and term
indicated by the note.
Comments:
Your comments. You may type anything you like in these spaces.
They are strictly for the convenience of the operator. Type the
Borrowers name, account number, closing instructions, funding
instructions, etc.
vers 1.0x - Texas Beta test version
Vers 1.xx indicates the version number. The xx will be a
number. The state name following the version number indicates the
state for which insurance rates have been installed.
Following the state, there may be another message such as
"Demo version", "Beta test version", etc. If no such message
appears, it is a normal production version. If this message does
appear, heed it! it means something about this program is not
normal.
ZCALC consumer installment loan calculator page 19