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#1921327 - 05/08/14 04:35 PM APR Win and Minimum interest
ADN Offline
100 Club
Joined: Mar 2007
Posts: 222
We have a very small loan where our Truth in Lending disclosure takes into affect a minimum interest charge of $75. We cannot get the APR WIN program to calculate the same finance charge and APR. Can anyone help us?!

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Lending Compliance
#1921429 - 05/08/14 06:24 PM Re: APR Win and Minimum interest ADN
Rocky P Offline
Power Poster
Joined: Jun 2003
Posts: 7,659
Florida
ADN, put the details out here and I'm sure that someone will try.
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#1921544 - 05/08/14 08:53 PM Re: APR Win and Minimum interest Rocky P
ADN Offline
100 Club
Joined: Mar 2007
Posts: 222
APR = 64.527%
Finance Charge = $280.00
amount Financed = $2010.00
Total Payments = $2290.00

Loan date = 3/31/2014 Maturity date = 6/15/14
Payment Stream = 2 monthly interest payments of 18.21 starting April 30, 2014 and 1 @ closing of $2253.58 with a minimum interest balance of $75.
Last edited by ADN; 05/08/14 08:53 PM.
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#1921553 - 05/08/14 09:01 PM Re: APR Win and Minimum interest ADN
2Confused2go on Offline
100 Club
Joined: Apr 2003
Posts: 148
Texas
I get 53.7704%

How does your system look for a minimum interest balance? Would it be easier to assess a prepaid finance charge?
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#1921581 - 05/08/14 10:00 PM Re: APR Win and Minimum interest ADN
Richard Insley Offline
10K Club
Richard Insley
Joined: Oct 2000
Posts: 10,180
Toano, VA
What makes up the FC?
How do you arrive at the AF?
What is the dates of the 2nd pmt?
Is the 3rd pmt due 6/15?
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