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#1827199 - 06/25/13 05:03 PM APRWIN and Odd Days Interest
Dutch Offline
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Posts: 262
ABC Bank makes a loan and collects 15 days odd days interest at closing. That amount, which is the only PPFC, is deducted from the loan amount to determine the amount financed for the TIL disclosure, and is also added to the finance charge for TIL disclosure purposes.

When checking the TIL disclosure calcs via APRWIN, the bank would enter the amount financed (in this case, the loan amount minus the 15 days of odd days interest), disclosed finance charge, and disclosed APR. But when it comes to entering the payment stream (let's say the customer is paying 360 equal monthly payments, with the first payment being due 45 days from the date of closing), would the bank enter 1 Whole Unit Period and 0 Odd Days, or 1 Whole Unit Period and 15 Odd days in the applicable fields?

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#1827227 - 06/25/13 05:29 PM Re: APRWIN and Odd Days Interest Dutch
rlcarey Offline
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rlcarey
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Galveston, TX
1 and 15.
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#1827290 - 06/25/13 06:28 PM Re: APRWIN and Odd Days Interest Dutch
Richard Insley Offline
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Richard Insley
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Posts: 9,995
Toano, VA
Just hit the Calendar button and let it do the heavy lifting for you.
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...gone fishing.

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#1827452 - 06/25/13 08:44 PM Re: APRWIN and Odd Days Interest Richard Insley
Dutch Offline
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Joined: Nov 2005
Posts: 262
Thank you both. I agree; the Calendar feature is a wonderful tool. I was quite sure that the number of odd days should be reflected in the payment stream section of the APRWIN calculator, in addition to actually subtracting the odd days interest (dollar) figure from the loan amount to determine the correct Amount Financed figure to be entered into APRWIN. I just wanted to double check since we had varying opinions on our end as to how to properly enter the data into APRWIN.

Again, I very much appreciate your assistance.

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