1. ## Re: Query for monthly APR and accrued interest (2002)

Hi NMP,
The calculation of interest due for a given month should be just the monthly percentage (1.5%) times the unpaid balance. That can be done as a calculated value in a query, but in all probability you want to run a query that actually also updates the balance due. If you are careful about the order of things in your query, you can do this in one update query, but it is probably easier to do it in a series.

As to how to update balances, you want to run a process each month that does what I described above. However it may also be a function of your table design. You may want to carry only the current balance due in a record, and create transactions where you capture the balance before, the amount added, and the updated balance so that you auditability. Doing it that way you don't need to worry about calculating values for prior months that you were concerned about. Please post back if this isn't clear.

2. ## Re: Query for monthly APR and accrued interest (2002)

Will contemplate all you've said and get back with you.
Thanks Wendell
NMP

3. ## Recurring Interest Question

Okay, seems to be going fairly well...that worries me...<img src=/S/smile.gif border=0 alt=smile width=15 height=15>

Have a question:

Taking this formula below:

With 1% IntCost: IIf([DatePaid]>=[ShipDate]+30,[APR18%]*1.01)

How would I get this to turn over another 1% late fee charge on any remaining balance when the next month arrives and the next bill is sent out? The only thing I can think of is to make a copy of this field and +60 or +90 or +120 but that is too many fields to output...Is there an easier way for it to recalculate every month a new 1% late fee on any existing, or would this formula do it already?

Thank you...

4. ## Interest Question

I have a database of customers which holds their personal and transactional data from the sale of books. Am including a sample of it.
What I need in a query is one that can:

1. Figure the A.P.R. of 18% on the outstanding balance
(The interest calculated monthly and added to the balance before the monthly bill is issued).

Which I don't think would be to difficult as I've written this already into my query, but how do I make it see the next month, and the next month on any remaining balance if they have not paid in full yet?

2. All bills are issued on the last day of the month, and payment is due on the 15th of the following month.
(If payment is not received by the 15th, a late notice is mailed, and an additional 1% is added for overdue accounts...this is added to the balance as an additional interest.

Again, I can figure the interest cost, but how do I make it see the next month, and the next month on any remaining balance if they have not paid in full yet?

When I open the query, I would like it to adjust to see the new date, and adjust all figures (monthly A.P.R of 18% and interest accrued as late fee (1%)?

Any ideas, and suggestions on the way the database is setup to make this more accomodating to my goal, I'd sure appreciate the help.

Thank you

5. ## Re: Recurring Interest Question

Nevermind...I believe what I seek is a 1% late fee on remaining balance if over 30 days past due, and this is working ok.

Thank you for your help on previous item Wendell...[img]/forums/images/smilies/smile.gif[/img]

NMP

6. ## Re: Recurring Interest Question

Glad you sorted through the issues - I hope that means you are having a good week.

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