How to Use the Loan Calculator in Quicken 2010
To help you better manage your debts, Quicken provides a neat Loan Calculator that computes loan payments and balances. Here's how to calculate a loan using the Quicken 2010 tool:
Click the Planning tab, and then click the Financials Calculators button.
Quicken’s list of financial calculator tools appears.
Select the Loan Calculator from the list.
Quicken displays the Loan Calculator dialog box.
In the Loan Amount text box, enter the amount of the loan.
For example, if you want to check the lifestyle of the ostentatious and vulgar, type 5,000,000.
Enter the annual interest rate percent in the Annual Interest Rate text box.
If a loan charges 6 percent interest, for example, type 6 (not .06).
In the Number Of Years text box, type the number of years you plan to make payments.
For a 30-year loan, enter 30.
In the Periods Per Year text box, enter the number of loan payments you plan to make per year.
If you want to make monthly payments, for example, type 12.
Select the interest compounding period from the Compounding Period drop-down list.
If a loan uses monthly compounding, for example, select Monthly.
Click the Calculate button.
Quicken calculates the loan payment and displays the amount in the Payment Per Period field.
To get more information on the loan payments, interest and principal portions of payments, and outstanding loan balances, click the Schedule button, which appears on the face of the Loan Calculator dialog box. Quicken whips up a quick loan amortization schedule showing all this stuff.