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Payment function for canada

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    #31
    Re: Payment function for canada

    Doug:
    Do you want me to answer that for you? or would you rather take a walk to Starbuck, load up on couple good cups of coffee and figure it out on your own?
    I am just starting my day and haven't even had my coffee yet and I could see where you went off track.

    Comment

      #32
      Re: Payment function for canada

      error
      Last edited by gauvain65; 08-31-2009, 08:42 AM.

      Comment

        #33
        Re: Payment function for canada

        Wow... It seems I generated a whole debate here....

        I'm a bit overwhelmed by some of the theory but I try to follow up.

        I saw in G Gabriels example that for both American and Canadian calculations he uses 360 days as a parameter.

        In one of the previous posts it is said that one country uses 360days and the other 365....i'm a bit confused here

        Thanks for all of the efforts

        Comment

          #34
          Re: Payment function for canada

          Jean-Pierre,

          In the States, we have something called a regulation-Z that covers all types of loans and the parameters for those loans. Each state may have a version of this that is accepted by that state. It is confusing to a great degree.

          I expect each country or area may have something similar to regulation-Z. It may be a real good idea to check with the Banking and Finance division in Canada to make sure of compliance. If they have a written booklet, it may really help you.

          What I gave you earlier is what is used by some of the VB programmers that write software for car dealerships. You have to do some modifications depending on states and individual banks(no they do not all work the same). Some do use 365 and some do use 360. some are done on a daily and some on a monthly. Most are done on 360and daily for payoff. We also have to figure for odd first payments like, 45 days to first or 13 days to first.




          .

          .
          Last edited by DaveM; 08-31-2009, 10:10 AM.
          Dave Mason
          [email protected]
          Skype is dave.mason46

          Comment

            #35
            Re: Payment function for canada

            Ouch...i found my mistake...the 360 G Gabriel uses in his example is the term (30years)

            My bad, thats what happens when you dont read the thread in the correct order....

            Comment

              #36
              Re: Payment function for canada

              Regulation Z (Or RegZ, "Truth in Lending"), as Dave eluded is a Federal requirement and it could be a big deal if you do not adhere to it, but it does not specify whether the mortgage is calculated based on 360 or otherwise.

              As I mentioned earlier, 360 (traditionally known as 360/365)is primarily used in commercial lending. Incidentally, Reg Z does not apply to commercial lending. I am not aware, have never seen and don't believe any residential loans are generated based on 360. If you are dealing with residential mortgage then for all practical purposes, you could simply ignore the 360.

              I made a slight modification to the function so you could use one function for American/Canadian instead of two. Alpha does not have a function called pmt(), so I called this one pmt(). You could use it as a substitute to alpha's payment(), but note not to divide the interest by 12. Just use the annual interest:

              Code:
              FUNCTION Pmt AS N (Loan_amt AS N,Periodic_interest_rate as N, Payment_periods AS N,Compound_Period=12 AS N )
    mi=((1+Periodic_interest_rate/Compound_Period)^(Compound_Period/12))-1
    Pmt=payment(Loan_amt,mi,Payment_periods)
END FUNCTION
              Code:
              ?pmt(100000,.1,360) 'American. Last argument was left out.
= 877.571570088796  

?pmt(100000,.1,360,2) 'Canadian
= 862.66798773271
              Last edited by G Gabriel; 08-31-2009, 12:38 PM.

              Comment

                #37
                Re: Payment function for canada

                Thank you Gabe,


                The explanation and function will prove very helpfull,

                I might have other questions on the topic.....stay tuned ;)

                Comment

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