Payout

TrakLoan includes two utility programs that you can access through the Utilities menu on the TrakLoan Main Screen.

Figure 30 Payout Screen

Payout

The Payout utility shows you the payment required to complete a loan as of a given day. To get TrakLoan to compute a payout:

1. Use the Utilities | Payout menu sequence to bring up the Payout screen (Figure 30).
2. Set the Payout Date. You can use the up-arrow or down-arrow to change the date a day at a time.
3. Click the appropriate loan in the box on the right side of the screen.

NOTE: To compute the amount due on a loan, TrakLoan:

• Temporarily posts any payments for the loan it finds in the journal
• Computes per-diem interest based on the current balance, rounded to the nearest penny. This amount is shown in the Per Diem Interest box.
• Computes period interest by multiplying daily interest times the number of days to go. This amount is shown in the Period Interest box.
• Adds the sums Current Balance, Unpaid Interest, and Period Interest to arrive at the total shown in the Payout Amount box.