Setting the Payments of Debt Schedules Payments are reductions of principal. Use to schedule payments to the principal. You can schedule payments at intervals or set dates and amounts. You can set payments as currency values or as percentages of the principal. Payments
To set debt schedule payments: Access Debt Scheduler.
Defining Debt Schedules. Select Payments. In Frequency, select an option to define the frequency of payments: Balloon The amount is paid on the last day of the debt schedule. , Annual , Semi-Annual , Quarterly Monthly These options define periodic payments. Schedule Use the grid to define payment dates and amounts. Scheduled Payments In Payments are in, select an option to define payments: In Total Payments and Amount Remaining, verify the number of payments. Displays the number of payments and the amount of the principal paid, and the amount remaining unpaid.
You need not schedule all payments in a debt schedule, as the remaining balance is paid on the last day of the loan.
Under Recurring Payments, define the amount and day of each debt payment. In , enter a value for the amount of the recurring payment. Amount This is the amount of money paid on the specified dates or time intervals. The value here is determined by the option. Payments are in Currency If is selected in Currency , the text below Payments are in displays the scale of the currency, and values are in currency. Amount Percent If is selected in Percent , the text below Payments are in reads ‘Percent’, and values are as a percentage. Amount In , select a day to make payment. Debt Scheduler needs the actual payment day to calculate interest: Day of the Month for Payments Issue Day The payment day is same as the day of issuance. For example, quarterly payments made on a debt issued on June 8 are paid on September 8, December 8, March 8, and June 8. Last Day of the Month All debt payments occur on the last day of the month. Specified Day of the Month If a contract specifies a date within each month on which payments should occur, but the date on which the loan is issued does not fall on the specified day, select this option.
For example, if a loan is issued on April 7 but payments should occur on the 15th of each month, use this option to specify the 15th.
With , enter the payment day of the month in Specified Day of the Month . Payment Day Optional: In the Scheduled Payments grid, create payment dates and amounts.
If you select
in Schedule , you must define the date and amount of those payments in the Frequency grid. Scheduled Payments To use the grid: Scheduled Payments Click the Create. In the column, enter a date. Date You enter values directly from the keyboard, click the scroll arrows, or click the down arrow to use the calendar tool In the column, enter a payment amount. Amount To delete a payment, select a row and click delete. To reorder a payment, select the row and click the up or down arrow.
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