Modern Electronics (was Re: List charter mods & headcount... ; -))

From: der Mouse <mouse_at_Rodents.Montreal.QC.CA>
Date: Mon Jun 21 13:31:38 2004

>> 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.

I couldn't say without knowing what mortgage.bas did. I do suspect,
though, that it would be designed for US mortgages and thus at least
somewhat inapplicable to mine, which was Canadian. (In case anyone
cares: they de-compounded the quoted rate to a daily rate, with
different rates in leap and non-leap years, and then charged interest
at that daily rate, with payments wherever they fell.)

Certainly when I asked on mortgage-ca, nobody seemed to know.

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Received on Mon Jun 21 2004 - 13:31:38 BST