home
***
CD-ROM
|
disk
|
FTP
|
other
***
search
/
OS/2 Spezial
/
SPEZIAL2_97.zip
/
SPEZIAL2_97.iso
/
ANWEND
/
TOOLS
/
CPRO_16
/
loanpro.hlp
(
.txt
)
< prev
next >
Wrap
OS/2 Help File
|
1997-01-08
|
50KB
|
232 lines
ΓòÉΓòÉΓòÉ 1. Introduction ΓòÉΓòÉΓòÉ
Welcome to Loan Pro for OS/2!
Loan Pro for OS/2 is a 32-bit Presentation Manager utility that can quickly
calculate the monthly payment, interest, total price, and complete schedule of
payments for mortgages, auto loans, student loans, or virtually anything where
money is borrowed and paid back on a fixed rate of interest.
Loan Pro also provides facilities to save the payment schedule to a text file,
and can also directly print your loan. Additional header information may be
added to the either the text file or the hard copy print out. Follow the
step-by-step instructions to quickly learn how!
Loan Pro is a new member of the Conversion Pro suite of OS/2 utilities, written
by NEGC Software, Tacoma Washington. The Conversion Pro 1.6 utilities
currently include Conversion Pro, a scientific and engineering units conversion
application, a Temperature Converter, a button calculator, Time Pro time
settings utility, a base converter, and now Loan Pro.
If the Conversion Pro suite is not registered, Loan Pro will run in
demonstration mode (no printing, and no payment schedule).
ΓòÉΓòÉΓòÉ 2. Using LoanPro ΓòÉΓòÉΓòÉ
Using Loan Pro is easy and intuitive!
Loan Pro operates in two modes: the monthly payment mode, and the optional
payment schedule mode.
To quickly calculate a monthly payment on a certain principal, interest rate,
and term, use the monthly payment mode. This mode allows the user to calculate
an answer quickly and facilitates playing "what if..." -type scenarios by
adjusting any of the three parameters. Step-by-step instructions to guide you
through this process are also available.
To also calculate a schedule of payments use the monthly payment mode. This
mode increases the calculation time (especially for large terms), as the
complete payment schedule is calculated for the parameters entered by the user.
The schedule can be saved to a text file or printed directly to any printer
installed and setup with OS/2. If generating a large amount of different loans
or "what-if..." scenarios for the same loan, all runs can be appended to the
same text file and viewed or printed at a later time.
Note: Loan Pro is optimized for speed. However calculation time is greatly
increased when large terms or spurious interest rates are specified. This
could be annoying when using the schedule of payments, as the complete schedule
could be very lengthy in some circumstances. Unless you truly wish output of
this nature, avoid specifying terms over say, 60 years, or interest rates over
say, 20%. These are extreme values anyway, and it is very unlikely in today's
market that you would ever be financed at such terms. Most home mortgages are
for either 30 or 15 years, while auto loans usually range from 36 to 60 months;
interest rates in either case are usually well below 20% per annum.
ΓòÉΓòÉΓòÉ 3. Amortizing ΓòÉΓòÉΓòÉ
To amortize any loan, follow these Step-by-Step Instructions:
1. In the left-hand corner of the main window, enter the amount to be financed,
the interest rate, and the length of the term. The term will allow either
months or years to be entered by specifying your preference with the check
button to the left of the term field. Terms up to either 999 months, or 400
years are allowed.
2. To quickly calculate a monthly payment, total interest paid, and the total
cost of the financed item after payoff, push the "calculate" button located in
the lower right of the main window below the fields.
3. To generate the optional schedule of payments, click the "compute payment
schedule" checkbox. A window to hold the output will automatically drop down.
4. To save the payment schedule or to print a hard copy, choose "save data to
file" under the File menu. A dialog will appear where you can specify the name
of the text file to be saved or printed. Optional user data may be added to
the saved file by filling out the appropriate fields or checkboxes.
ΓòÉΓòÉΓòÉ 4. The Payment Schedule ΓòÉΓòÉΓòÉ
Loan Pro optionally will calculate the complete schedule of payments for any
loan. To generate the schedule, click the "compute payment schedule" checkbox.
A window to hold the output will automatically drop down. The fields in the
payment schedule include:
+------+--------------+-------------+-------------+--------------+
| Pay | Previous | Amount of | Applied to | Remaining |
| No. | principal | interest | principal | principal |
+------+--------------+-------------+-------------+--------------+
| 1 | 10000.00 | 77.08 | 131.72 | 9868.28 |
| 2 | 9868.28 | 76.07 | 132.73 | 9735.55 |
| 3 | 9735.55 | 75.04 | 133.75 | 9601.80 |
| 4 | 9601.80 | 74.01 | 134.79 | 9467.01 |
etc.
Pay No. - Payment number, Each payment represents a payment made at each month.
Previous Principal - The principal that the current month's interest is
calculated against. For the first payment, the previous principal is equal to
the amount financed.
Amount of interest - The amount of interest calculated for and to be paid for
any monthly payment.
Applied to principal - This is the amount of the monthly payment that is used
in actually decreasing the principal left to pay. For large loans, this figure
is usually comparatively small in the beginning. You can often adjust this
figure by changing the length of the term.
Remaining principal - This figure represents the amount of principal left over
after the corresponding monthly payment is applied. This figure usually
changes little in the beginning of a loan. Using a strategy such as making
double payments early in a loan (if your lender allows it) can help knock this
figure down fast.
ΓòÉΓòÉΓòÉ 5. Saving the Schedule ΓòÉΓòÉΓòÉ
The Payment schedule generated may be saved to a text file for later viewing or printing.
The file dialog is accessed by choosing the "Print/Save" option under the File
menu. A dialog will appear where you can specify the name of the text file to
be saved. Optional user data may be added to the saved file by clicking the
check box labeled "include optional data" and then filling out the appropriate
fields or checkboxes.
If processing a large amount of different loans, you can append each subsequent
run to the same file simply by entering or leaving the same file name in the
"file name" field.
Note: Note that if the "Close" button is selected to exit the "save hardcopy"
dialog, all entries made in any of the fields will be preserved for the next
run of any one session. Choosing the "Cancel" button will not preserve any of
the user data and all fields will be cleared. This is a convenient option when
playing "what if..." scenario's with a potential automobile purchase. In this
example, the item and seller may remain the same, while the lender, amount
financed, monthly payment, etc. may change.
ΓòÉΓòÉΓòÉ 6. Printing the Schedule ΓòÉΓòÉΓòÉ
To print the data contained in the Schedule of payments, choose "Print/Save"
selection under the File menu. The following dialog will appear:
Choose the desired printer from the list (it will automatically highlight your
default printer). You can change printer settings for the selected printer by
pushing the "Settings" button. To add additional user data to the print job,
click the "Add optional data" check box.
Note: To preserve the optional user data for additional print jobs, choose the
"Close" button when exiting this dialog. Otherwise choose "Cancel" to exit the
dialog and clear all the data entered in the optional data fields.
ΓòÉΓòÉΓòÉ 7. Optional User Data ΓòÉΓòÉΓòÉ
Optional user data may be appended to any payment schedule that is saved or printed.
To add the date the calculations were made, check the "Date" check box, to add
the annual percentage rate, check the "APR" check box, to add the calculated
monthly payment, check the "Payment" check box. The remaining fields require
text to be entered by the user.
Note: These options are automatically shown by clicking the "Add optional
data" check box shown on the bottom of "Save hardcopy" dialog.
ΓòÉΓòÉΓòÉ 8. Product Information ΓòÉΓòÉΓòÉ
Loan Pro 1.0 is Copyright (c) 1996, 1997 by J. F. Kaminsky. Contact the author
at the following company address:
J. F. Kaminsky
NEGC Software Co.
2522 North Proctor Street, Suite 135
Tacoma, WA 98406
Technical Support by e-mail: negcjfk@ibm.net
Loan Pro is a member of the Conversion Pro utilities. Conversion Pro for OS/2
is now marketed exclusively by BMT Micro.
The Conversion Pro Registration (License fee) is $19.95 (US). Registration can
be easily accomplished by Contacting BMT Micro. Alternatively, payment by
cheque or money order may be sent directly to NEGC at the above address. Thanks
to all previous registrants of Conversion Pro!
ΓòÉΓòÉΓòÉ 9. Registration ΓòÉΓòÉΓòÉ
BMT Micro is now handling the marketing of Conversion Pro. To order Conversion
Pro, contact BMT Micro at the following address:
BMT Micro
P.O. Box 15016
Wilmington, NC 28408
Phone orders: 1-800-414-4268
Fax orders: 1-800-346-1672 (24 hours/7 days)
internet: http://www.bmtmicro.com
BMT Micro accepts the following credit cards:
o Visa
o Mastercard
o Discover
o American Express
o Diners Club
o Carte Blanche
Cashiers check, personal check and Eurochecks in DM are welcome. Please read
the bmtorder.txt file located in the Conversion Pro application directory. For
ordering and other questions, visit BMT Micro at the following sites:
o Via AOL: bmtmicro
o Via MSN: bmtmicro
o Via Compuserve: 74031,307
o Via Prodigy: HNGP66D
o World Wide Web: http://www.bmtmicro.com
o telnet@bmtmicro.com
o e-mail: orders@bmtmicro.com