I have a car loan that, if you put the principal, rate, and term into any online calculator, you get $374.13. However, for whatever reason, my car payment is $374.09.
Now, when I put the principal, rate and term into Gnucash's druid, it comes up with 374.13, but that's not good, because that's not what I'm actually going to pay.
1. How do I force a particular loan payment? On the page of the Druid where you specify the 'Amount' and the accounts where the principal and interest will be, I tried replacing the "pmt()" expression with $374.09, but it seemed to ignore me; the next page still had 60 payments of $374.13
2. What does "pmt( 0.07900 / 12 : 60 : 18495.00 : 0 : 0 )" mean? Obviously, it's rate, term, principal, but what are the last 2 zeroes? Perhaps I shouldn't care. Or perhaps it could help to know.
3. If I were to start paying the loan off faster, with irregular amounts, I would have to put these transactions in by hand. Does it seem correct to take the balance after the previous payment, multiply it by 7.9%/12 and use that as the interest portion? I would think that would be right, but when I try that with the current balance, it doesn't come up the same as what the scheduled transaction generator is producing... so you guys must have a different algorithm.
Any help would be appreciated.
dan
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