Incorrect calculations in loan account in Personal Plus 2022
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Wayne_10864576
Member Posts: 9 ✭
I used the Add Loan feature to set up a new account where I am the mortgagee for an amortized loan where payments include Principal and Interest. Instead of applying only the Principal component as a reduction of the balance owing after each payment, Reckon PP is also including the Interest component to show an incorrect balance owing.
On a $516,374.00 loan with an interest rate of 5.1% and weekly repayments over a 30 year term, the correct calculation after the first payment of $646.71, which constitutes $140.27 Principal and $506.44 Interest, produces a balance owing of $516,233.73.
However, PP shows the balance owing as $515,727.29, counting the entire payment as a reduction of the Principal.
Is there a fix to this?
0
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