How to Use the Loan Calculator in Quicken 2010 - dummies

How to Use the Loan Calculator in Quicken 2010

By Stephen L. Nelson

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:

1Click the Planning tab, and then click the Financials Calculators button.

Quicken’s list of financial calculator tools appears.

2Select the Loan Calculator from the list.

Quicken displays the Loan Calculator dialog box.

3In 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.

4Enter 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).

5In the Number Of Years text box, type the number of years you plan to make payments.

For a 30-year loan, enter 30.

6In 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.

7Select the interest compounding period from the Compounding Period drop-down list.

If a loan uses monthly compounding, for example, select Monthly.

8Click the Calculate button.

Quicken calculates the loan payment and displays the amount in the Payment Per Period field.