On 02/09/2007 12:29 PM somebody named Prof J C Nash wrote:
The important issue is what conventions are used for time and rate.
About 25 years ago I tried to get information on this from Canadian
banks. Some were cooperative. As I recall, the three that responded used
three DIFFERENT rules. This was for weekly payment mortgages.
I did this same thing here in the US some decades ago, and with the same
results. Unfortunately, I don't have my notes from that anymore. It
seems that the standard is that there is no standard.
I'm not sure I want to put canned formulas into Gnumeric or any other
spreadsheet for this, and I would definitely like to see more
transparent output for mortgage payments.
Yes, transparency is key. Without it, rules and laws come to be hazy,
mythic statements interpreted to their favor by whoever has the best or
most lawyers.
I understand that gnumeric can't parse all the laws and arrive at a
definitive formula for all people, all countries. Perhaps in a more
cooperative environment some agency or committee of the United Nations
might, this after several conferences and much discussion. I don't have
a phone number there, they've got a few, more urgent issues on their
plates at the moment anyway, and I just wanted a quick answer to plug
into a spreadsheet. The answer that has become apparent: There is no
answer.
This is fine (I guess). After all, an agreement is just that
(ideally)... what multiple people agree on. The notion of agreement is
strained, however, if one or more of the parties to it doesn't
understand what he is agreeing to, bringing us back to transparency.
I'm not asking for this (anymore) and completely understand that
gnumeric cannot stand in for the UN, but perhaps in another world some
authoritative voice could lay out a sensible and transparent formula
which consumers could employ as a reality check against banks' offerings
and which ordinary, legalistically-disinclined folks could use in
private, noncommercial dealings with one another. It should be
immediately clear, at least to McLuhan kin, that, with the ease in which
so many snap off, society needs all the help it can get in coming to
cordial or even mutually accepting agreements.
JN, thanks for your reply and clarification of the situation. Much
appreciated.
ken
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