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Bug 112737 - Loan Principal and Interest calculated incorrectly
Loan Principal and Interest calculated incorrectly
Status: VERIFIED DUPLICATE of bug 119001
Product: GnuCash
Classification: Other
Component: Scheduled Transactions
1.8.x
Other Linux
: Normal normal
: ---
Assigned To: Josh Sled
Josh Sled
Depends on:
Blocks:
 
 
Reported: 2003-05-10 22:04 UTC by Tim Wunder
Modified: 2018-06-29 20:31 UTC
See Also:
GNOME target: ---
GNOME version: ---


Description Tim Wunder 2003-05-10 22:04:21 UTC 
Example:
Loan start date: 6/1/2003
Amount: 100000.00
Rate: 6.875%
Payment Start Date: 6/1/2003

Principal and interest are calcualted as $656.93. 

But, the amortization of the loan in the Review section is incorrect. 

Example, GnuCash calculated the following for the first payment, June 1, 2003:
Payment: 656.93
Principal: 83.53
Interest: 573.40

Using Interest=AnnualRate/12*LoanAmount, the first interest payment should
be 0.06875/12*100000=572.92, leaving a payment amount of
656.93-572.92=84.01, which happens to be the second payment listed by gnucash.

This may be a duplicate of bug#105225
Comment 1 Derek Atkins 2003-08-03 19:59:48 UTC 
see bug #119001 for a proposed patch to this problem

*** This bug has been marked as a duplicate of 119001 ***
Comment 2 John Ralls 2018-06-29 20:31:50 UTC 
GnuCash bug tracking has moved to a new Bugzilla host. This bug has been copied to https://bugs.gnucash.org/show_bug.cgi?id=112737. Please update any external references or bookmarks.