CheckMy 2000
Financial Management Software
On - Line User Guide

CheckMy Loans 2000

High Performance PC Software

August 2002

 

Click the line to move to the subject item.

Introduction to CheckMy 2000 Software

System requirements

Interface conventions

Introduction to CheckMy Loans 2000

Installing CheckMy Loans 2000

Installing download CheckMy 2000 Software

Opening CheckMy Loans 2000

Quick start Creating a new loan file

Opening an loan file

Password protecting your loans information

Back up and restore

Creating new loan accounts

Using the loans information screen

Using the toolbar

Setting interest rates

The loan register

Using the accounts information screen

Entering Loan Repayment amounts

Repeating repayments

Entering Costs added to Loan

Entering Early repayments

Entering New Loan amount (additions to an existing loan)

Editing Loan data

Deleting Loan data

Viewing loan data

Viewing monthly interest calculations

Unpaid interest calculations

The loan report

The recalc screen and calculators

Loan re-calculations

Loancalc and APRcalc calculators

How much can I afford to borrow calculator

Tables in CheckMy Loans 2000

Setting decimal places

Printing screens

Interest rate options

Millennium Y2K compliance

Copyright and Trade Mark notices

Using the toolbar

CheckMy 2000 Software

Introduction to CheckMy 2000 Software

The CheckMy 2000 software family below is supplied on the CD-ROM version, price $99.95. Credit card order form.

CheckMy Loans 2000 - for management of multiple loan accounts (lender or borrower) and loan calculators.

CheckMy Mortgage 2000 - with MyMortgage, US, Canadian mortgage calculations, amortization tables, refinancing spreadsheets.

CheckMy Banking 2000 - with Quicken import for bank account interest and bank charges checking.

CheckMy Loans 2000 as single program is supplied as a download, price $99.95. It runs under Windows 95, 98, ME, NT & XP platforms.

Easy to Use Software and Lots of Progress Messages to Help
We have incorporated many features within CheckMy 2000 software to make using the software simple and easy to use. The toolbars incorporate quick "click and go" commands to all parts of the software, there are several on-screen Help messages which you can access using F1 key on the keyboard, easy mouse cursor click selection of rows for data entry, edit or delete and several pop up messages.

Progress bars and messages have been built into CheckMy 2000 software, particularly into CheckMy Banking 2000 and CheckMy Loans 2000, to let you know what is happening "behind the scenes" as the software crunches through its financial routines. These progress bars appear when a delay of more than one second intervenes between initiating a calculation command (such a pressing the Interest button in CheckMy Banking 2000) and results appearing on screen.

Monthly updating personal and business loans.

Calculation of new monthly balances.

Preserving loan records on your computer.

Quick check of combined loan balances.

Quick check on percentage amount of each loan balance repaid.

Calculations of interest due, interest paid and repayment applied to your loan balances each month.

Cross check with your lender.

Monthly reports summarise current loan situation.

Verification of interest rates applied to loans.

Verification of loan terms applied to loans.

Calculation of negative amortisation (unpaid interest values).

15 stand alone "what if" financial calculators.

Decimal places settings for interest calculations.

All CheckMy 2000 products crunch through financial equations calculating interest and coping with multiple repeat calculations at high speeds. High power personal computers handle these calculations with ease.

Before you install CheckMy 2000 products, check this list to make sure that your computer has everything you need.

The recommended processor for CheckMy Loans is 450 MHz

You must have at least 32 MB (megabytes) of RAM. For best performance, we recommend 128 MB

You must have a 4x speed (or faster) CD-ROM drive.

You must have sufficient empty storage space on your hard drive. How much depends on your usage of the CheckMy 2000 Software. CheckMy Loans 2000 requires 7.50 MB of free disk capacity.

Your computer must support SVGA (16 bit) quality graphics, and your video card must have at least 1 MB of onboard memory. For best performance we recommend systems with 32 MB.

There must be a working mouse attached to the computer.

There must be a floppy drive if you want to back up your data. Windows® 95/98 must be installed.

CheckMy 2000 software is used with a combination of both mouse and keyboard. We have installed several short-cut keys

on the keyboard to significantly speed up using the CheckMy 2000 software.

Using a Mouse

We assume that you know how to use a mouse. Since some people will be new to their computer we provide a brief definition how the most common terms are used in this User Guide:

"Clicking" refers to placing the mouse pointer over an area of the screen and clicking with the left mouse button.

"Right-clicking" refers to clicking with the right mouse button.

"Dragging means holding the left button down while moving the mouse."Selecting" means clicking on something with the mouse.

"Click > a button means clicking the on -screen button with the mouse.

You can "scroll" some of the boxes and screens in CheckMy 2000 software by dragging the button along a slider bar on the right side of the screen.

The Toolbar

The toolbar is one of the most important "Click and go" parts of CheckMy 2000 software. The toolbar is the horizontal frame containing the graphics pictures at the top of the screen. To open the loan register, reports screens, open the Recalc, APR and loan calculators, then click the required picture on the toolbar. This opens the selected screen for you.

The Menu bar

The menu bar is the horizontal bar running directly above the toolbar containing pop down menus starting with File. Clicking a menu brings the menu into view. Click the option you wish to use and it will open.

The Tab Key

Use the tab key on the keyboard to enter data into new account set up and loan data entry boxes in CheckMy Loans. This is usually found to the left-hand side of the "Q" key.

F Keys

CheckMy 2000 software contain several on-screen Help messages to assist you and help find your way around. These are located by pressing F1 buttons on the keyboard.

CheckMy Loans 2000 provides you with an easy way to maintain and verify your loan repayment records, interest calculations and current loan balances.

There are three principal screens in CheckMy Loans 2000 plus 15 financial calculators.

Loan Information Screen:

This window contains all your loan account information and provides a global overview of your total loan balances outstanding and monthly repayments.

There are three buttons above the grid:

New - creates new loan accounts for you within CheckMy Loans 2000

Edit - when you select a row and click Edit this opens the edit window

Delete - when you select a row and click this will delete your loan account.

Above these buttons you can see three tabs. Click the far left-hand tab to view all you loan information. Click the center tab to view personal loans and the right hand tab to view business loans

When you double click/select a loan/row it will automatically open the Register screen for you. Alternatively click/select a loan/row to and then the Register button on the toolbar

Loan Register Screen:

There are four buttons above the grid:

View - select a month/row and then click View to recall your input information

Enter - select Enter to enter new loan repayments, costs, additions to loan and early repayments, dates and interest rates

Edit - select a row and then click edit to open the edit windows

Delete - select a row and then click Delete to delete the payment data.CheckMy Loans does not allow a month to be deleted as a missed repayment incurs loan interest

The screen provides you with a reminder of which loan account you are using, the interest rate type and current nominal monthly interest rate are:

Negative amortisation feature: CheckMy Loans 2000 detects when your monthly loan repayment is insufficient to pay interest amount due

Miss a payment: The software calculates unpaid interest when you miss a repayment

Add new loan: Use to add a new loan to the existing loan balance

Loan monitor: Calculates percent of loan repaid after each month payment

Repeat payments: Use to enter multiple repayments at one click of a button

Recalc: Calculates "what if" loan conditions were to change. Use to recalculate changes to your monthly loan repayments and interest amounts

Financial Calculators: Use any of the twenty-five loan calculators.

For each loan maintained within your CheckMy Loans, the Loan Register displays monthly values of:

Payment period No:	Calculated
Date record	User data
(interest) Rate %	Your current rate
Payment	User data
Interest payment due	Calculated
Interest paid	Calculated
Loan amount repaid in current month	Calculated
Total interest	Calculated
Additions to loan (including unpaid interest)	User data + calculated
New loan balance	Calculated
Percentage of loan repaid	Calculated

If your Loans 2000 software has arrived via download, you will find Loans 2000 located in your download folder in Windows Explorer. Click Setup to start Installshield routines.

Install Loans 2000 in the CheckMy folder.

If your Loans 2000 software arrived on a CD-ROM, open the CD-ROM drive and place the CheckMy 2000 CD-ROM in your CD drive. Close the drive.

Either: Click the "My Computer" icon on your Windows computer screen and then click the CD drive icon (usually the "D" drive). You will see the install icons for CheckMy Banking 2000, CheckMy Loans 2000 and CheckMy Mortgage 2000.

To install CheckMy Loans click the Loans icon
Installshield® will lead you quickly and easily through set up procedures. CheckMy 2000 installs into C: \Program Files\CheckMy.

The CheckMy folder in your Windows Program List will contain Loans 2000 after installation. If you have the CD version, once you have successfully installed CheckMy Loans 2000 keep the CD in the CD drive and click the Windows Start button > Programs > locate the CheckMy program in the Program list and click Loans. This opens the CheckMy Loans program.

After you have finished a session and closed the system down, when you come to restart CheckMy Loans 2000 again the CheckMy Loans CD must be placed in the CD drive before you start. It can be removed after the system has opened. This is a security measure to prevent illegal distribution. The CD also contains a security program to defend itself against illegal copying.

1. Follow the instructions in Installing CheckMy Loans

2. Read the quick start instructions contained in the Welcome screen which pops up when you first run CheckMy Loans 2000.

We have provided a Quick start welcome message, which appears when you first start CheckMy Loans 2000. This provides you with instruction how to make a quick start.

The F2 button located at the top left of the keyboard will retrieve the Quick start message. Click the small window at the bottom left if you do not want this message to keep appearing every time you open CheckMy Loans.

In CheckMy Loans we provide a pre-loaded user file called "myloan" which opens automatically when you run the system. This can be your constant filename and you never change it. In the normal course of using CheckMy Loans you may never want to set up a different filename. If however you wish to sub-divide your loan records up (for example between personal and business loans, or between different family members), click File on the menu bar > Close Account File. This closes the Myloan file. The grid portion screen goes blank because there is no file selected and no records to display. Now click File > New Account File. Enter any chosen filename of your choice in the bottom File name space and click Save. The new account screen will appear. There may be a slight delay (depending on the processor and memory capacity of your system) as the software sets up and creates new interest rate files. Individual files may be password protected so that only you or an authorized person or persons can open and view account records. See next section.

As explained above you most likely will not need to open an account file if you use the standard "Myloan" file which is delivered with CheckMy Loans and opens automatically when you use CheckMy Loans 2000. If you decide to create new filenames, the way to open a file are as follows: Close the file in current use by clicking File > Close Account File. The grid portion screen goes blank because there is no file selected and no records to display. Click File > Open account file. The new account screen will appear. There may be a slight delay depending on the processor and memory capacity of your system as the software sets up and creates new files.

To protect unauthorised persons opening your files in CheckMy Loans 2000 click File on the menu bar > Password > Set password. Enter any memorable password into the password box and then click OK. This enables the password protection screen. If you wish to change the password at any time click File>Password>Change password. The password protection screen box appears every time you open a CheckMy Loans 2000 file once you have set a password. Note: A Password protects an individual file so each user can have their own password to protect sensitive information being viewed by unauthorized prying eyes.

When you want to back up the information you have entered into CheckMy Loans 2000 onto a floppy disk follow these procedures:

Insert a formatted disk in your floppy disk drive. Click File > BackUp > Start. The file will close leaving a blank section in the center of the Loans window. Click OK in the set up window. Your data is now copied to floppy disk.

If you wish to restore account data from a floppy disk follow these procedures:

Close the current file in use, leaving a blank section in the center of the screen. Insert the disk containing the CheckMy Loans file in your floppy disk drive. Click File - Restore.

CheckMy Loans always opens at the Loans Information screen. The Loan Information screen is used to set up, edit and delete loans as well as reporting your global current balances and totals. To start the creation of a new account in CheckMy Loans 2000 read the Welcome message for quick start instructions. The message appears automatically when CheckMy Loans first opens. If you want to re-read the Welcome message at any time just click the F2 key. Click the New button on top of the information grid and enter the new loan details. Alternatively click Loans on the menu bar > Create new loan account. Use the tab key on your keyboard to enter your lender information. Have your starting loan details ready to enter. Use the tabs on top of the set up screen or the Back/Next buttons to move around Set Up. To set up new lender information click New in the Lender information section. When you have completed all the starting information click the Done

The Loans Information screen provides "at a glance" information about all your loan accounts. The screen displays for each account, the current loan balance, remaining months of the loan term, and the current monthly repayment amount. We have provided the first file in CheckMy Loans 2000 (Myloan) already set up for you to use. You do not have to create any new or additional files if you do not wish to. The file "Myloan" will hold all your loan account records. You can view the filename in use in the very top title bar.

Use the Loans Information screen to create a new account (> New Button)

Use the Loans Information to edit account information (> Edit Button)

Use the Loans Information screen to delete an account (> Delete Button)

Use the Loans Information screen to select an account to move to other parts of CheckMy Loans (> click a row) Move the mouse cursor close to the buttons and toolbars to read quick help messages.

The Loans Information screen operates as the central control to move between accounts and to move to other parts of the software.

Now you can start visiting any function or feature within CheckMy Loans with the selected account.

Note: If you have not pre-selected an account in the Loans Information screen (no account row selected) then none of the toolbar buttons or features within CheckMy Loans will open since there is no account chosen.

Click the New Button to start creating your new loan accounts.

Click a row to select a loan account and move to other parts of CheckMy Loans.

Click a loan and the Edit Button to edit loan account information.

Click a loan and the Delete Button to delete a loan account.

Move the mouse cursor close to the buttons and/or toolbars to read quick help messages.

We have provided a "click and go" toolbar located near the top of the screen to help you move quickly and easily around CheckMy Loans 2000.

	Opens the Account Information screen.
	Opens the Loan register screen.
	Opens the Loan report.
	Opens the Recalc screen.
	Opens Loan Information.
	This button opens 12 nominal interest rate calculators.
	Opens the "How Much Can I Borrow" calculator.
	This button starts and displays the full loan amortization schedule.
	This button opens 12 APR interest rate calculators.
	This button prints the screen.
	This button provides directions to Help features contained within CheckMy Loans 2000.

Loan interest rates are entered when you first set up a new loan account (Click New on the Loans Information screen and then the Loan Terms tab). Select which kind of interest (APR or nominal rate) your interest rate is quoted (check with your lender if you are unsure) and enter the interest rate as an annual percentage.

A change in interest rate can be entered when a repayment amount is entered into the Register. Enter the new interest rate in the Interest rate box. If the loan is set up as a nominal interest rate loan, the interest rate value you enter will be treated as a nominal rate of interest. If the loan is set up as an APR loan, the interest rate value you enter will be treated as an APR rate of interest.

Interest rates can be changed any month by clicking Edit in the Register screen and entering a different interest rate.

The Loan register screen provides you with a quick and easy way to update your loan records.

Select a loan from the Loan information screen (one click) and double click on the row or click Register on the toolbar.

The Loan register screen is now displayed. The grid contains the following information:

No. The payment month. The first row displays the starting loan amount only.

Date: The date of your loan payment or the transaction in the row.

Rate %: The annual interest rate.

Payment: The monthly repayment amount and/or early repayments you have entered

Int.Due: The software calculates the amount of monthly interest due and places the value in this column.

Int. Paid: The software calculates how much of the repayment is applied to interest and places the value in this column.

Loan Repaid: The software calculates how much of the repayment is applied to repaying the loan balance and places the value in this column.

Total interest: The software calculates how much interest is due and places the value in this column.

Add to loan: Your new additions to loans. The software also places the value of any unpaid interest in this column. See Negative amortization.

Loan balance: The software calculates your new loan balance and places the value in this column.

The Loan repayments progress bar at the bottom of the screen displays the percentage of the loan principal plus additions to the loan balance repaid to date.

The Monthly rate window at top displays the kind of interest you have selected to apply to the loan.

The Monthly interest displays the monthly interest rate expressed as a percent.

Click any row/month to view the monthly interest rate which was applied to that month.

Double click any row to view how monthly interest charge was calculated.

 

Entering your loan repayment and interest rate:

Click the Enter button on top of the grid.

The New loan payments window appears.

Select one of the following options by clicking a selector circle

New payment (enters a repayment amount in the grid)

Cost added to loan (enters a cost as an addition to the loan)

Early repayment (enters an early repayment amount)

New loan (Adds to the loan balance)

The software pre-selects New payment as the default.

New Payment: The software automatically provides you with the previous repayment amount, the month date and the current interest rate. If these are all correct click Enter.

If you wish to change the data simply edit the data boxes and click Enter.

Repeat your repayments

Many loans repeat the same monthly repayment amounts and interest rate over and over. To help you enter several monthly repayments quickly, click the Repeat repayments button located in the New Loan Payments window.

Enter the extra number of months you want the loan repayment data to be entered and click Done.

The number of month's repayments you requested now automatically enters into the loan register.

Entering Costs added to Loan

Select the Cost added to loan option from the New Loan Payments window and enter the date the cost was added to your loan and the amount. Click Enter.

Early repayment

Select the Early repayment option from the New Loan Payments window and enter the date the amount repaid and the amount. Click Enter.

New Loan

If you want to add a new loan amount to your current loan to create a new combined loan, select New Loan from the New Loan Payments window and enter the date and the amount. Click Enter.

Note that the new loan must combine with the existing loan and become one loan overall. If the new loan has different repayment conditions, set up a new loan account.

Editing Loan data

If you need to edit a row of data select the row by placing the mouse cursor over the row a left click. Click the Edit button on top of the grid.

Deleting Loan data

If you need to delete a row of data select the row by placing the mouse cursor over the row and left click. Click the Edit button on top of the grid.

Note however that the software does not allow you to delete a repayment month. The software assumes that a month has to have a record of repayments even if the repayment is zero. If you try to delete a month it will return with an Alert message informing you that it has charged unpaid interest to the loan balance.

Viewing loan data

If you need to view the inputs which created a row of data select the row by placing the mouse cursor over the row and left click. Click the View button on top of the grid.

Viewing Monthly interest calculations

For any month place the mouse cursor over a repayment row and double left click the mouse. The monthly interest rate and calculation for that month is displayed.

Unpaid interest calculations

Each month a loan incurs interest costs. If the repayment amount you enter into CheckMy Loans 2000 is insufficient to cover the interest due amount (which is automatically calculated by the software each month) then the software sends you an Alert message indicating the amount of unpaid interest. The amount of unpaid interest is added to your loan balance and is shown in column 9 as an addition to the loan balance.

When you have selected a loan from the Loans Information screen or are working in the Loans Register click Report on the toolbar to review the current status of your loan.

Alternatively you can access the Loan Report from the Recalc screen Loan data provided is as follows:

Report date.

Starting loan amount.

Draw date - the date your loan started - which may be different from the date repayments started.

Repayments starting date - the date that your repayments commenced.

Current repayment period - the number of monthly repayment periods which have passed.

Current interest rate type - Nominal or APR. Current interest rate - as an annual percent rate.

Current monthly rate - as a monthly percent rate.

Current monthly repayment - the last repayment amount entered.

Balloon payment - amount entered in set up.

Total loan repayments to date - sum of all repayment amounts excluding early payments.

Percentage repaid - sum of loan repayments (column 6)*100/(starting loan amount + additions to loans (column 9).

Total early repayments - sum of all early repayments.

Total additions to loans - sum of all additions you have entered to the existing loan.

Total costs added - sum of all costs you have entered to add to the existing loan.

Total unpaid interest added - sum of the calculations the software has made of unpaid interest.

Current loan balance.

Remaining payment periods = Starting repayment periods minus current payment month number.

Repayment date. Repayment date calculated by reference to the starting date and loan period.

Note: This does not compute the real repayment date if loan repayments are incorrect or delayed. Check with Loan Term calculator in Recalc for this calculation.

Total interest paid - sum of all interest paid values in column 6.

Amount repaid - the amount of the loan repaid to date.

Note that if the current month repayment amount has not been paid on schedule the current repayment amount shown is zero and the Annual repayment value reported will show zero as well as the current annual repayment rate.

There are 10 Re-calculators located within the Recalc screen. Click the side selector on the right of the box marked "Re-calculators" to select the re-calculator.

The Re-calculator selected copies all current data from the loan account so that you can carry out "what if" calculations.

Re-calculators re-calculate the loan term months remaining to repay your loan at the current repayment rate and interest rate so that if you have missed a repayment or the interest rate has changed and your repayments have remained the same you can see at a glance what effect this will have on your repayment period and the interest cost difference over the lifetime of the loan.

Several re-calculators do not require any inputs from you, just click Calculate and re-calculated data appears.

The Recalc screen appears when you have selected a loan from the Loans List or are working in the Loans Register and click Recalc on the toolbar.

Loan re-calculations	Enter/ User inputs	Calculates
Calculate my monthly savings if I consolidate my loans into a jumbo loan.
	Enter new interest rate and type
	Enter new loan term in month's	New monthly repayment
Find my loan term		Monthly savings.
	System inputs all data	Exact loan term in months

Loan re-calculations	Enter/ User inputs	Calculates
Calculate my monthly payment amount if I reduce the loan term
	Enter reduction in loan term	New loan term Remaining payments New repayment amount Repayment difference Current interest due New interest due Interest difference

Calculate my monthly repayment amount if I extend the loan term
	Enter increase in loan term	New loan term Remaining payments New repayment amount Repayment difference Current interest due New interest due Interest difference

Calculate my increased interest costs if I reduce my monthly repayment
	Enter reduction in repayment	New repayment amount New repayment periods New loan term Loan term difference New loan term Current interest due New interest due Interest difference

Calculate my new loan term if I miss a payment
	System inputs all data	Unpaid interest amount New loan balance New loan term Increase in term Current interest due New interest due Interest difference

Calculate my new monthly repayment if I miss a payment
	System inputs all data	Unpaid interest amount New loan balance New loan term Increase in term Current interest due New interest due Interest difference

Calculate my loan term if I make an early loan repayment -1
	Enter early repayment amount	Unpaid interest amount New loan balance New loan term Increase in term Current interest due New interest due Interest difference

Calculate my loan term if I make an early loan repayment -2
	Enter early repayment amount	Unpaid interest amount New loan balance New loan term Increase in term Current interest due New interest due Interest difference

Calculate my new monthly payment amount with a new interest rate
	Enter a new interest rate	New monthly repayment Monthly difference

Calculate my new payment amount to reduce overall loan costs
	Enter increase in repayments	New monthly repayment Current interest due New interest due Interest difference

There are 12 calculators located within the Loancalc screen and 12 located in the APRcalc screen.

If you want to calculate data for loans which apply nominal rates of interest (mortgage interest is usually quoted in nominal form) then use the Loancalc calculators.

If you want to calculate data for loans which apply Annual Percent Rates (APR) rates of interest (personal loans, car loans are usually quoted in APR form) then use the APRcalc calculators.

The calculator are all stand alone calculators except the Consolidation calculator which uses the sum total of loan accounts within CheckMy Loans 2000 to help you calculate the results if you were to consolidate your existing loans.

The Loancalc and APRcalc calculators differ from the calculators in Recalc only in their ability to calculate financial data for literally any loan or interest rate or term.

Recalc on the other hand works only with existing loan accounts within CheckMy Loans.

When you have entered the loan data into Loancalc or APRcalc click "Calculate" to make the calculator work.

Click New Loan on the toolbar. This opens the selector window to choose APR or nominal types of loan interest to use in the calculator.

Open the calculator.

Enter the amount you can afford to spend a repaying a new loan each month.

Enter the expected interest rate.

Enter the period that you want to repay the loan over.

The calculator works out how much you can borrow.

Select a loan account and click Tables on the toolbar.

The screen displayed is the full repayment schedule for the selected loan.

There are no user inputs into this screen.

If you wish to review the repayment schedule under varying repayment and interest rate conditions, change the current values in your current loan data and click Tables again.

If no loan account is selected in the Loans Information screen, there are no tables.

To set the interest rate decimal places to between 5 -16 places click Decimals located on the main menu. The default value on delivery is 5 places.

The decimal place setting influences how much interest is calculated each month.

The Advanced User Guide contains further information.

The following screens can be printed in CheckMy Loans 2000 by clicking the Print button located on the toolbar:

Loan information

Loan register

Loan report

Loan tables

Calculated results from all the calculators in Loancalc, APRcalc and in Recalc can be printed by clicking the Print button located at the base of the calculator window.

Interest rates can be selected as either Annual Percent Rates (APR) or nominal interest rates in CheckMy Loans.

Question/Problem

Answer/Go To

How do I start using CheckMy Loans 2000?	Install the software
	Quick Start message

I have set up my loan account, now what?	Select the row containing the
	the loan in the Information
	screen and double click to
	open the Loan Register.
	Click the Enter button to create a repayment or other loan transaction
I cannot get the toolbar to do anything in the Loans Informatioin Screen	.You have to select loan account first
The drop down list of loan descriptions in Click New on the Loans CheckMy Loans doesn't contain a suitable Information screen and description of my loan, what do I do now?	New to the right of the Description box. Enter the new loan description.
How do I enter details about my lender?	Click the Lender Information tab in the New Loan Account screen and click the New button to the right of Lender. Enter the new lender details.
I do not know what interest rate type to enter.	Call your lender and ask.
Where do I enter the lender annual interest rate?	Enter the interest rate value into the very last box located in the Loan terms tab in New Loan Account screen.
How do I enter an interest rate?	As a percentage decimal, like 11.755%.
Can I use semi -annual loan interest? rates in CheckMy Loans?	No, you have to use CheckMy Mortgage 2000 if you have a semi annual loan.
What does Months # mean in the Loans CheckMy Loans calculates Information screen?	The number of months remaining until your loan will be repaid at your rate of repayment.
I want a quick reminder of the terms I set up for my loan, how can I retrieve this information?	Select the loan and the click the Information button on the toolbar.
How can I change this information?	Once a loan is set up most of the original terms cannot be altered. The Loan term can be edited.
How do I find the new loan term?	Select the loan account and click Recalc, select the "Find My Loan Term" calculator and click Calculate. The new loan term months value appears.
My interest rate has changed, how do I input the new rate?	On the first month the new interest rate takes effect, go to the Register screen and click Enter. Change the interest rate
Do I have to enter the same interest rate every month?	No, the software takes care of remembering your regular monthly repayments and interest rates when they stay the same. Just click Enter in the New Loan Payments box every time you want to create a new monthly loan record
I entered too many monthly entries and now the system will not allow me to delete these records, why is that?	Once you enter a monthly payment record the system assumes that you have reached that month. You cannot cancel a month, only make a zero repayment. The software will only delete a payment record but not the month record.
Why do I get a negative amortization amount when I try to delete a monthly payment?	The software has deleted only the payment amount. This means that your repayment record in that month is zero. This creates a negative amortization balance, which the system reports to you.
What is negative amortization?	When your monthly payment is not enough to repay the interest due amount, the software calculates how much interest is owing and adds the unpaid interest to the outstanding loan balance. Since the loan balance is now increasing rather than reducing, this is called negative amortization.
Is that why CheckMy Loans calculates interest due and interest paid amounts?	Yes.
Where can I see the full amortization schedule for my loan?	Select the loan and click the Tables button on the toolbar. The full amortization table appears.
How can I see how my monthly interest amount is calculated?	Select a row in the Register Screen and double click. The monthly interest due calculation is presented in a pop up screen.
I want to see how much I can afford to borrow but I can afford only 200 per month repayments. How can I find that out in CheckMy Loans?	Click the Interest% button on the toolbar. This opens "How much can I borrow" calculator.
I think my lender is overcharging me, how can I find out using CheckMy Loans?	Read the "Checking loans And mortgages" guide.
What is the difference between APRcalc and Loancalc calculators?	Loancalc calculates loan repayments, loan terms and interest due values when the loan interest rate is nominal. APRcalc calculates these values when the interest rate is APR (Annual Percent Rate).
How do I know whether my loan is APR or nominal?	Ask your lender. All loans must by law be quoted as APR if that method is applied. If they are not APR then they are nominal.
Why do I have to be bothered with setting decimal places in CheckMy Loans?	You don't. The software auto calculates interest due data to 12 places of decimals. However if you want to change this setting the system allows you to do so.
How do I change the date format settings?	Close CheckMy Loans and in Windows click Start > Settings > Control Panel >Regional Settings > Date. Change the date setting to the format you require. Restart Windows and then restart CheckMy Loans.
Does CheckMy Loans allow APR interest settings?	Yes.
Does CheckMy Loans allow monthly interest rates?	Yes.
Does CheckMy Loans allow semi -annual repayments?	No.

CheckMy 2000 software is fully Y2K compliant. Years can be used in full four-digit mode throughout all CheckMy 2000 products.

Pentium® is a registered trademark of Intel Corporation.
Windows® is a registered trademark of Microsoft Corporation.
Installshield is a registered trademark of Installshield Software Corporation.

This User Guide is the property of Abacus Systems Ltd., 44 Church Street, Hamilton, Bermuda. It is copyright protected. It is provided freely on the Internet to assist with the use and application of CheckMy 2000 software. Any unauthorized reproduction or copying is prohibited.

© 2000. Abacus Systems Ltd. All rights reserved. ______________________________________________________________________________________

 

AccountingRatio.com | AssetDepreciation-Calc.com | BalanceSheets-Calc.com | BondValues-Calc.com | BudgetSpreadsheets.com | BusinessPlan-Calc.com | Costing-Templates.com | DiscountedCashFlow-Calc.com | ExcelFinancials.com | ExcelTemplates.com | FinancialPlans-Calc.com | FixedAssetRegisters.com | Investment-Calc.com | IRR-Calc.com | Loans-Amortizations.com | Mlnsoft.com | NPV-Calc.com | Ratios-Calc.com | Spreadsheets-UK.com | Valuation-Calc.com | CheckMy 2000 web site | RegNow All Programs Gold | RegNow Cash Flow Program | RegNow Investment-Calc | RegNow FastPlan PRO | Loans 2000 | Budgeting | Quicken | Smart Suite 9.6 | Costing