21 Jun
2004
21 Jun
'04
5:13 a.m.
I also was unable to ever get the bank to tell me
exactly how interest
was calculated - I had to juggle possibilities myself until I came up
with one that tracked the bank's numbers exactly.
Well, it was sitting on PC's as an open source basic program for years.
'mortgage.bas', IIRC. Personal belief is that all interest rate
calculations
operate like this, with the banks options only being what to do when a
person wants to prepay, and, optional fees at closing. Basically they
could fudge the beginning or the end, but not what happens in-between.
...Best choosing a fixed interest rate over a variable one for this.
John A.