Posted By: ADN
APR Win and Minimum interest - 05/08/14 04:35 PM
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?!
Posted By: Rocky P
Re: APR Win and Minimum interest - 05/08/14 06:24 PM
ADN, put the details out here and I'm sure that someone will try.
Posted By: ADN
Re: APR Win and Minimum interest - 05/08/14 08:53 PM
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.
Posted By: 2Confused2go on
Re: APR Win and Minimum interest - 05/08/14 09:01 PM
I get 53.7704%
How does your system look for a minimum interest balance? Would it be easier to assess a prepaid finance charge?
Posted By: Richard Insley
Re: APR Win and Minimum interest - 05/08/14 10:00 PM
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?