M
Mike
I have designed an Access database for my business. but I have one (to Me)
a brain twister.
I loan money for car titles and other items (tools, guitars music stuff
etc.). On ALL items, the interest rate is 25% per month for the first 3
months. Interest rate then drops to 12.5%. The interest rate drops thus the
payment drops. All is fine with regular pawns.
With Title loans, I need the payment to stay the same (based on $25% of the
amount due, with any amount paid OVER 12.5% of the current loan to be
applied toward the principal. Confused yet? Well I am!!!
Manually for example.......$500 loan plus interest=$625. minus $125
interest payment = $500.
After 3 payments......>....($500 X 1.125 = $562.50) minus $125.00 = $437.50
balance due......Next payment>.....($437.50 X 1.125 = $492.19) minus
$125.00 or 25% of current balance ($437.50 x .25 = $109.38) thus $54.69 is
deducted from balance.
I want to do this automatically. ANY SUGGESTIONS????
a brain twister.
I loan money for car titles and other items (tools, guitars music stuff
etc.). On ALL items, the interest rate is 25% per month for the first 3
months. Interest rate then drops to 12.5%. The interest rate drops thus the
payment drops. All is fine with regular pawns.
With Title loans, I need the payment to stay the same (based on $25% of the
amount due, with any amount paid OVER 12.5% of the current loan to be
applied toward the principal. Confused yet? Well I am!!!
Manually for example.......$500 loan plus interest=$625. minus $125
interest payment = $500.
After 3 payments......>....($500 X 1.125 = $562.50) minus $125.00 = $437.50
balance due......Next payment>.....($437.50 X 1.125 = $492.19) minus
$125.00 or 25% of current balance ($437.50 x .25 = $109.38) thus $54.69 is
deducted from balance.
I want to do this automatically. ANY SUGGESTIONS????