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AmortizeIt! The Complete Amortization Program (Preliminary Documentation) Pine Grove Software 67-38 108th St., Suite D-1 Forest Hills, NY 11375 (800) 242-9192 (718) 575-9192 CompuServe # 72366,306 Copyright (c) 1990 Pine Grove Software, Karl Thompson AmortizeIt! is copyrighted software and as such is protected by the laws of the United States. You may share this soft- ware with others but you may not sell it. If you are a distributor of shareware software, you may charge up to $8 for your disk duplication services. This product may not be distributed along with any other product that is being sold for profit without the expressed prior written permission of Pine Grove Software. Introduction AmortizeIt! is Pine Grove Software's second program. Even though this is version 1.0, its design has been based upon literally hundreds of hours talking with computer users about what they need in such a program. In addition, we have study ever amortization program that we could find. The result is that we believe that AmortizeIt is the most com- plete amortization program in its class. We would like to thank the hundreds of users of SolveIt!, The Financial Calculator, who have taken the time to write of call with ideas that have enabled us to improve our amortization routine. Without their encouragement, this program would have never been possible. Thank you one and all. (Please note, this documentation is very preliminary. It is not meant as a tutorial. Almost all of this information is available through AmortizeIt!'s on line help system.) Registration We hope that you like AmortizeIt!. This version of the program is shareware. The shareware method of distribution allows you to try a program to see if it will perform as you wish. If you like the program and plan to continue using it you are honored bound to pay the $50 licensing fee. You may also freely copy this program and pass it on to others for them to try. You may not charge for the program. If you are a shareware distributor, you are authorized to charge up to $8.00 for copying and distributing AmortizeIt!. When you copy AmortizeIt!, you must identify the program as shareware and you must inform the user that they have not paid for the rights to use this program. You must also distribute it complete with this documentation file in unmodified form. For all registered users of the program. You will receive two free upgrades when they become available. You will also receive a printed manual as well as toll free technical support. To register you may send $50. plus $3.95 for shipping and handling directly to us, or you may call toll free to place a COD order. Contact: Pine Grove Software 67-38 108th St., Suite D-1 Forest Hills, NY 11375 (800) 242-9192 or (718) 575-9192 Major Features of AmortizeIt! Payment and Compounding Periods: Daily, Weekly, BiWeekly, *Monthly, BiMonthly, Quarterly, SemiAnnually, Annual *Payment in Arrears or Payment in Advance (i.e. lease or classic mortgage) Amortizing Methods Supported: *Normal : Rules-of-78 : US Rule : Fixed Principal (Declining Payment) : Interest Only Accrued Interest (Negative Amortization) Random Extra Payments and Accelerated Regular Extra Payments Skipped Payments and Short Payments Adjustable Interest Rate (ARM's) Display payment, interest and principal totals for Fiscal, *Calendar or Loan Year for both *specific year and since first payment date of loan Detailed Summary feature shows payment, interest and princi- pal totals paid from first payment date through any particu- lar payment. In addition the summary feature will calculate the amount of interest saved to any particular payment period as the result of an extra or extra payments. Supports both 360 and 365 day years *Save all client interest and extra payment data to disk (version 1.1 only) *Print amortization table to printer or disk or display on screen (version 1.1 only) * feature found in SolveIt! 3.1 TABLE OF CONTENTS Help with Help . . . . . . . . . . . . . . . . . . . . 1 Install . . . . . . . . . . . . . . . . . . . . . . . . 1 Loan Calculator . . . . . . . . . . . . . . . . . . . . 4 Amortize Loan . . . . . . . . . . . . . . . . . . . . . 4 Interest Due . . . . . . . . . . . . . . . . . . . . . 5 Entering and Editing Data . . . . . . . . . . . . . . . 6 Important Keys . . . . . . . . . . . . . . . . . . . . 7 Input Fields . . . . . . . . . . . . . . . . . . . . . 10 Coming New Features . . . . . . . . . . . . . . . . . . 20 Pine Grove Software . . . . . . . . . . . . . . . . . . 21 Index . . . . . . . . . . . . . . . . . . . . . . . . . 22 AmortizeIt! (c) Pine Grove Software Help with Help Press the <F1> key at any time to bring up a context sensi- tive help screen. If <F1> is pressed again when help is being displayed, a list of help topics will be shown. You may use the cursor keys to move to any topic. Press <Enter> and then help on that topic will be displayed. <Alt><F1> will display the previously called help topic. <Esc> will exit any help screen. Install To enter the install routine, first, you must be in the directory that AmortizeIt! is located in. To start Install enter: Amortize /I Color Picker Selecting the color picker will give you another menu of choices so that you can completely customize AmortizeIt!'s screen colors. You will be able to change: Frame (menu frame or window border) Title (menu/window title background) Unselected Text (normal menu and screen text) Selected (text in menu's cursor) Pick (character that is menu choice) Help (text in help line at bottom) bAckground (screen's background color, MUST SET FIRST) Before you start to change the default colors, please make sure that you are working with a backup copy!! FIRST set the screen's background color, EVEN if the back- ground color is the color that you want you must confirm the selection by choosing and setting the background OTHERWISE the background will be set to black the moment that you go to change the text color. When you pick bAckground, a box will be displayed on the screen. As you press the space bar <Sp> the colors that are Page 1 AmortizeIt! (c) Pine Grove Software available will change inside the box. To accept a color, hit <CR> or to leave the color unchanged hit <Esc>. When the background color is set, the text in the title and the text in the cursor will also be set to the same color as the color selected for the background. Next, you may pick a color for AmortizeIt!'s text by picking the unselected text option. Follow the same steps as you used to change the background color. NOTE that the title's background color and the color of the cursor bar are automatically set to the color that you select for the text color. Now pick a color for the frame. A box will again appear. Use the same technique to choose a color for the frame as you used to pick the background and text color. If you want the title's background color or the cursor bar's color to be the same color as the frame, pick title or selected from the color picker menu. The title's background color or the cursor bar's color will only be set to the same color as the color of the frame. (If you want to have the title's background color different than the frame's color, set the frame color to the color that you want for the background of the title and then pick title from the color picker menu and then go back and change the frame color.) Finally, you may wish to change the color of the help text and/or the color of the highlighted pick character, i.e. the capital letter in the menu choices. Remember, changing the color of the unselected text will automatically set the color of the cursor bar and the back- ground of the title to the same color. Changing the back- ground color will automatically change the color of the text in the cursor and the text in the title. And if you change the color of the frame, then the title's background color and the cursor bar color will become the same color as the frame if you choice to change their color. Default Subdirectory The default subdirectory is any other directory that you assign for AmortizeIt! to look into to find the program's overlay files. There is no need for you to install a default subdirectory if: Page 2 AmortizeIt! (c) Pine Grove Software 1) You start the program while in the directory that AmortizeIt! is in on your hard disk. Or.... 2) AmortizeIt! is in a subdirectory on your C: drive called AMORT. Save Changes & Quit This option will save the changes that were made in the set up so that when you start AmortizeIt!, these changes will become the default settings. Quit Install/No Save This option will ignore all changes that were just made. Page 3 AmortizeIt! (c) Pine Grove Software Loan Calculator The Loan Calculator routine will solve for any one of the following: Amount, Number of Payments (term), Annual Inter- est Rate or Payment Required. Enter the known values for any of the three and 0 for the unknown. Press <F9> to calculate. The payment method may be either payment in advanced or payment in arrears. To change, move the cursor to the field and press the space bar. Payment and compounding periods may be set the same way. NOTE: that the compounding period must be either equal in length to or shorter than the payment period. Amortize Loan Amortize will display a classical loan table. That is, it will show how any payment is applied to interest and princi- pal. You can display a table for a loan year, calendar year or a fiscal year. The table will give a summary of total payments, total interest and total principal for both the year displayed and from the beginning of the loan through the last payment of the particular year. Once all data is entered press <F9> to calculate and display the loan table. WHEN A TABLE IS DISPLAYED, pressing the <Esc> key will exit the routine. Pressing <R> will allow you to enter new or edit existing data. Pressing <N> will display the next year. If you are at the last year <N> will cause information for the first year of the loan to be redisplayed. Pressing <A> will allow you to display any year. When prompted enter a four digit calendar year. For example 1990 or 2001. The <S> key will open a summary window. You can summarize the loan through any period. Simply enter the period number and press <Enter> to calculate. The Summary Screen will show the total amount of interest paid through the period. Also, it will show the amount of interest saved as the result of an advanced payment or series of payments. When a Loan Table is displayed, you can print it out for any range of periods by pressing <F3>. Also, interest rate and client data may be saved to disk by pressing <F2>. THE SAVING AND PRINTING FEATURES ARE AVAILABLE ONLY IN VERSION 1.1. Page 4 AmortizeIt! (c) Pine Grove Software Interest Due It is often necessary to know how much interest is due when a loan is being paid off on other than a payment due date. The Interest Due routine will calculate the interest that is due between any two dates or for any number of days. Enter the first date (usually the day the last payment was made) and then enter either the date that the loan is being paid off or skip to the next field and enter the number of days for calculating the interest. (NOTE: the last date will then be automatically displayed if you enter a number of days. By allowing you to enter either the last date of the period or the number of days in the period you can calculate either the number of days between any two dates or calculate the date X number of days from the first date.) Enter the amount that is outstanding on the loan and the interest rate. Select the correct payment period, compounding period and days per year. Press <F9> to calculate the results. This routine conforms with the Truth in Lending Act as published in US Federal Reserve's Appendix J of Regulation Z. Per this regulation, if the period that interest is due for is less than the payment period, then the interest is calculated on an exact day basis. If the period is equal to or longer than a payment period, then the interest due is first calculated for a full payment period (which assumes a 30 day month) and then the interest due is calculated for the remaining days if there are any. Page 5 AmortizeIt! (c) Pine Grove Software Entering and Editing Data There is three basic types of data or information that AmortizeIt! will allow. The first data type is numeric data such as a dollar amount or payment number. Simply enter the appropriate value and press enter. If you need to clear a value press <Y> while holding the <Ctrl> key. The second type of entry is a date type. Enter any valid date in a MM/DD/YYYY format. Do not type in the </>'s. The program provides them automatically. Also, with a date you can use the <Tab> key to move to any one of the three fields (month, day or year). Once at a field enter the correct value and press enter. When in the year field, it is possi- ble to enter just the last two years of a date and AmortizeIt! will fill in the missing first two numbers if the year is in this century. (1900's!) In the month or day field it is NOT necessary to supply a leading zero. You may enter 2 for February. You do not need to enter 02. But you must move to the next field by using the <Tab> key. NOTE: If you do not enter a valid date, AmortizeIt! will beep at you when you press enter. To correct this situation, simply enter a valid date. Also, please note that you must have all three fields filled in. The third data type is when you are limited to a few specif- ic choices. An example of this is Payment Period where the range of input is limited to 8 or so choices. To change from one acceptable value to another, move the cursor to the field using the cursor keys or the tab key. Change the value by pressing either the space bar or the dark gray <+> or <-> keys located on the right side of the keyboard. Once the correct value is selected, you may move on to the next field by pressing <Enter> or using the appropriate cursor key or the <Tab> key. Page 6 AmortizeIt! (c) Pine Grove Software Important Keys Throughout the AmortizeIt!'s instructions and help screens, you will see symbols such as <F1> or <Esc>. This means finds the key on your keyboard that have F1 or Esc written on them and to press them. Often you will also see a symbol such as <^Y>. This means to hold the <Ctrl> (control) key will pressing the <Y> key. The technique is not unlike using the shift key to produce a capital 'Y'. This symbol <^Y> is pronounced 'Control Y'. In select fields, these keys will produce the following: <F1> brings up this help system. Press <F1> a second time and you will see a help index. Us the cursor keys to high light a topic of interest and then press <Enter> to display the help information for that topic. <F2> saves client data. version 1.1 and later <F3> starts printing. version 1.1 and later <F9> Calculate Pressing <F9> will calculate the results in any routine. <F10> Local Menu When the cursor is on select input fields on the main Amor- tize Loan Routine screen, the user will have access to local menus via the <F10> function key. These local menus are: Extra Payments, Fiscal Month and Additional Interest Rates. <Esc> Pressing the key on the keyboard marked <Esc> (escaped) will take you back, one level. For example, if you are entering extra payments, pressing <Esc> will take you back to the main loan table routine. <tab> moves the cursor from one field to the next field <shift><tab> moves the cursor back one field <PgUp> moves the cursor to the top of the column <PgDn> moves the cursor to the bottom field of the column Page 7 AmortizeIt! (c) Pine Grove Software <^PgUp> moves the cursor to the first field on screen <^PgDn> moves the cursor to the last field on screen <^Y> clears the field that is it makes it empty <^R> restores the original contents of the field <Home> cursor to beginning of field <End> cursor to end of field <^ <-- > (left cursor) moves cursor a word at a time to the left <^ --> > (right cursor) moves cursor a word at a time to the right <Del> deletes character at cursor <BackSpace> deletes character to left of cursor <^Home> deletes from beginning of subfield to cursor <^End> deletes from cursor to end of subfield <^T> deletes word to right of cursor <Ins> toggles insert mode on and off R(epeat) Pressing <R> will repeat the problem. After pressing <R>, new data can be entered or data can be edited. (Amortization Table only) N(ext) Pressing <N> will display the next year of the amortization table. If the last year is displayed when <N> is pressed, then the first year will be displayed again. (Amortization Table Only) A(any) Pressing <A> will prompt for a year to be entered. Enter any year such as 2005 and the amortization table will be dis- played for that year. (Amortization Table Only) Page 8 AmortizeIt! (c) Pine Grove Software S(ummary) Pressing <S> will open a window so that a summary of the loan can be done to any specific payment period. After the window is open enter the period number that the loan is to be summarized to. Once the period is enter press <Enter> to start the summary process. This is one of the most useful features of AmortizeIt! for it will show the totals paid up to and including the period specified. The loan will also be calculated two ways, once without the effects of extra payments and once with the effects of extra payments. This will show the interest that can be saved as the result of extra payments. Page 9 AmortizeIt! (c) Pine Grove Software Input Fields: Loan Amount Total amount that is being financed. You may enter a value up to $99,999,999. A value must be filled in. Loan Table or Amortization Routine: You will NOT be allowed to make a 0 entry. While in this field, press <F10> to add extra, short or skipped payments. Calculator Routine: Will solve for the amount if a 0 is entered. Payments Number of total payments that one expects to make. There are several things to consider. First this is not the number of payments per year. Secondly, the maximum total number of payments is 480. Page 10 AmortizeIt! (c) Pine Grove Software YEARS WKLY BIWKLY MONTLY BIMNTH QRTRLY SEMIANNL 1 52 26 12 6 4 2 2 104 52 24 12 8 4 3 156 78 36 18 12 6 4 208 104 48 24 16 8 5 260 130 60 30 20 10 6 312 156 72 36 24 12 7 364 182 84 42 28 14 8 416 208 96 48 32 16 9 468 234 108 54 36 18 10 260 120 60 40 20 11 286 132 66 44 22 12 312 144 72 48 24 13 338 156 78 52 26 14 364 168 84 56 28 15 390 180 90 60 30 16 416 192 96 64 32 17 442 204 102 68 34 18 468 216 108 72 36 19 228 114 76 38 20 240 120 80 40 21 252 126 84 42 22 264 132 88 44 23 276 138 92 46 24 288 144 96 48 25 300 150 100 50 26 312 156 104 52 27 324 162 108 54 28 336 168 112 56 29 348 174 116 58 30 360 180 120 60 31 372 186 124 62 32 384 192 128 64 33 396 198 132 66 34 408 204 136 68 35 420 210 140 70 36 432 216 144 72 37 444 222 148 74 38 456 228 152 76 39 468 234 156 78 40 480 240 160 80 Loan Table or Amortization Routine: Note that you cannot amortize a loan that exceeds 40 years. So if you are amor- tizing a loan with semiannual payments, then the maximum total number of payments is 80 (2 payments per year X 40 Page 11 AmortizeIt! (c) Pine Grove Software years = 80 payments). If one is amortizing a mortgage with an extra payment(s) the number of periods entered is the total number of periods as if there were NO extra payments made. AmortizeIt! will automatically calculate the effects of early payments. Also, if you want to do a 15 year accel- erated biweekly mortgage, you would enter 360 payments. One (1) is the minimum value that can be entered while in the Amortization routine. Calculator Routine: If zero (0) is entered then AmortizeIt! will solve for the number of payments. While you can not enter a fractional number of payments (that is, you can only enter full payments such as 48 and not 48.5), AmortizeIt!, while solving for the total number of payments, will display the fractional part of a payment in the interest of accura- cy. You will have to decide if the amount of the loan, the payment amount or the rate is to be adjusted so that there is not a fractional number of payments. Payment Date Date of first payment. Note, for a loan that is calculated using the Payment in Arrears Method, it is assumed that the origination date of the loan is exactly one period before the first payment date. Payment Method A loan may be calculated using one of two payment methods, Payment in Arrears or Payment in Advanced. Payment in Arrear is the most common method of payment calculation. Simply stated, it is when the first payment is due exactly one pay period after receipt of the borrowed funds. Since there was use of the funds for that one period, interest is due for that period when the first payment is made. Payment in Advance is when the first payment is due on the first day that the funds are available (origination date of the loan). Therefore, since there was no use of the funds when the first payment is made, the entire first payment is applied toward reducing the principal of the loan. To change the value, tap either the space bar <SP> or the dark gray plus <+> or minus <-> keys on the right side of the keyboard. Payment Period AmortizeIt! supports 8 different payment periods. (Daily, Weekly, BiWeekly, Monthly, Bimonthly, Quarterly, Semiannual- ly, Annually) To change from one payment period to another, Page 12 AmortizeIt! (c) Pine Grove Software tap either the space bar <SP> or the dark gray plus <+> or minus <-> keys on the right side of the keyboard. Compounding Period AmortizeIt! supports 8 different compounding periods. (Dai- ly, Weekly, BiWeekly, Monthly, Bimonthly, Quarterly, Semian- nually, Annually) To change from one payment period to another, tap either the space bar <SP> or the dark gray plus <+> or minus <-> keys on the right side of the keyboard. NOTE: You CANNOT select a compounding period that is of a longer duration than the payment period. In fact, Amortiz- eIt! will not allow you to do this. If you want to calculate a loan with semiannual compounding, first make sure that either an annual or a semiannual payment period is set. Display Year AmortizeIt! can be set to display an amortization table by the loan year, calendar year or fiscal year. The loan year is used to see the cost of the loan for any complete 12 month period from the first payment date. The fiscal or loan year display will show the interest paid as well as the total of the payments and the total amount applied to prin- cipal for a tax year. To change the display type, tap either the space bar <SP> or the dark gray plus <+> or minus <-> keys on the right side of the keyboard. To set the FIRST month of a fiscal year, press <F10> and select the month from the menu by typing the capital letter in the month's name or move the bar to the month's name by using the up or down cursor keys and then select by pressing <Enter>. Amortizing Method There are 5 ways that AmortizeIt! can apply a payment. Normal is the most common method used for a mortgage. It is also known by the names of Equal Payment or Level Payment Mortgage. Under the normal payment method the payment amount is the same (except for possibly the last one) for the duration of the loan as long as the interest rate does not change. Under the US Rule the payment amount and payments are ap- plied exactly the same way as under the normal method EXCEPT when interest is being accrued (during negative amortiza- tion). The US Rule does not allow for interest to be charged on the accrued interest. Page 13 AmortizeIt! (c) Pine Grove Software The Rules-of-78 applies interest faster than the normal method. This is often used by bank for short term consumer loans. NOTE: If all values are the same, exactly the same amount of interest is paid on a loan whether the Rules-of-78 is used or the normal method is used. The Fixed Principal Method applies the same amount of each payment to the principal for each payment. The payments get smaller as the principal is paid down and less interest is due for each period. The Interest Only Method calculates a payment amount so that only the interest is paid on the loan up until the last payment is due. At that time a balloon is due equal to the original amount of the loan plus the last periods interest. Days Per Year Payments and amortization may be calculated using either a 360 or a 365 day year. The 360 day year is the most commonly used value, and this is the default for AmortizeIt!. Annual Rate This is the nominal annual rate of interest. Loan Table or Amortization Routine: The value that is enter will be the effective rate for the entire loan unless <F10> is pressed to change the rate for different periods. CAU- TION: Entering a rate in this field will NOT set that rate for the entire loan unless this is the first time a rate is being entered. To set the same interest rate for the entire term of the loan, press <F10> and select Paid Interest Rate from the menu. If you pick FIXED from the next menu, you will be prompted to cancel all adjustable rate entries. NOTE: While the amortization table is displayed, the rate shown in this field is the rate for the first period that is being displayed. If the rate changes during the period being displayed am asterisk (*) will appear in the date column When the table is printed out, a line in the printout will show what the new rate is whenever there is a change in the rate. HINT: If you need to enter additional (adjustable) rates, enter those rates BEFORE filling in this field by pressing <F10>. This saves you the trouble of entering a rate, press- Page 14 AmortizeIt! (c) Pine Grove Software ing <Enter> and then finding yourself in the Amount of Loan Field. However, if you are in the Amount of Loan field and wish to go back to Annual Rate field, hit the UP arrow. Calculator Routine: Enter zero (0), and the calculator will solve for the annual rate. This is an approximation. To see how close it is, repeat the problem, but use the rate that AmortizeIt! suggests and enter a zero (0) for Periodic Payment. Press <F9> to calculate. If the payment does not change, then the interest rate calculation was very accu- rate. If is reasonable to expect that the payment amount will change by several cents. Extra Payments Press <F10> to bring up the extra payment menu while in the Amount of Loan field in the amortization routine. You will be shown a menu that will allow you the opportunity to enter extra payment amounts annually on the anniversary date of the loan OR periodically when any payment is made. Make the appropriate selection. Then using AmortizeIt's standard editing techniques, enter any extra payments that are made. Pressing <F10> while entering extra payments, will allow you to copy an extra payment over several consecutive payment periods. This is much faster than keying in a regular extra payment. If you want to pay an extra $100 every payment period, enter the $100 amount, then enter the first period that it will be paid in and the final period that you expect to make the payment in. Press <F9> to execute the copy over the periods. Fiscal Month Press <F10> for the local fiscal month menu while in the display year field. Select the first month of the fiscal year from the menu by typing the capital letter or using the cursor keys to move the high light bar over the month's name and press <enter>. Paid Rate Press <F10> while in the annual rate field to bring up the local Paid/Accrued menu to select paid rate or accrued. Select from the menu either paid or accrued rate. The next menu will allow the rate to be changed either on an annual basis starting one year from the origination date or at Page 15 AmortizeIt! (c) Pine Grove Software every period payment date. The third option will allow the rate for each period to be set equal to the first rate that is entered on the main data input screen. When annual change is selected, the rate entered is used for the entire year. To enter additional rates, move to the appropriate field using either the cursor keys, the tab key, or the control page up <^PgUp> or the control page down <^PgDn>. Accrued Rate Press <F10> while in the annual rate field of the amortize routine to bring up the local Paid/Accrued menu to select paid rate or accrued. The accrued rate is the rate that is actually used to determine the interest that will be due on the outstanding balance. Often, banks will give a special rate for the first year or two of a loan. However, the difference between the paid rate and the accrued rate is collected later. If the payment collected does not even cover the interest being accrued then Negative Amortization is taking place. If the US Rule is in effect, there can be no interest charged on the outstanding interest balance. Display The amortization table is displayed one year at a time. To go on to the next year press <N> or to display any other year press <A>. When an asterisk (*) appears in the payment column, that indicates that an extra payment was made on that payment date. When an asterisk (*) appears in the date column, that indi- cates that the interest payment changed on that date. NOTE that if the loan is calculated in arrears, then the rate actually changed on preceding payment date. Copy Rate Press <F10> for the local menu to copy a rate when interest rates are being added. Copy Amount Press <F10> for the local menu to copy an amount when extra payments are being added. Periodic Payment Page 16 AmortizeIt! (c) Pine Grove Software This is the amount that would be paid on each payment date to amortize the loan. Enter zero (0) and press <F9> to solve for payment amount. Start/Last Date Enter the Start and Last Dates for the period that the money is outstanding. NOTE: It is not necessary to enter a Start or Last date. If you enter a Start Date and enter a positive number for the Number of Days, then the Last Date is automatically calcu- lated for you. If you enter the Last Date and enter a nega- tive number for the Number of Days, then the Start Date is automatically calculated for you. Using the above procedure, it is possible to determine the date X days from a specific date. Further Note: The last two fields on the Interest Due screen tells you the day of the week for the Start and Last Date. Number of Days The number of days for which interest is due. NOTE: It is not necessary to enter a value for the Number of Days. If you enter both a Start Date and a Last Date, then the number of days is automatically calculated for you. This, of course, is the classic days between dates routine. Page 17 AmortizeIt! (c) Pine Grove Software Fixed Rate This option will allow you to reset all of the rates for each payment period to equal the value entered on the main Amortize Routine. This is the quick and easy method to change an adjustable rate loan to a fixed rate lone. To access this option, go to the Rate field on the main Amor- tize Routine and press <F10> to bring up the local menu. Adjust Annually This option will allow you to set an interest rate for an entire year. The rate changes one payment period prior to the anniversary date of the loan if the payment is in ar- rears. It changes on the anniversary date of the loan if the payment is in advanced. When an asterisk (*) appears in the date column, that indi- cates that the interest payment changed on that date. NOTE that if the loan is calculated in arrears, then the rate actually changed on preceding payment date. To access this option, go to the Rate field on the main Amortize Routine and press <F10> to bring up the local menu. Adjust Periodically This option will allow you to change the interest rate on any payment date. When an asterisk (*) appears in the date column, that indi- cates that the interest payment changed on that date. NOTE that if the loan is calculated in arrears, then the rate actually changed on preceding payment date. To access this option, go to the Rate field on the main Amortize Routine and press <F10> to bring up the local menu. Fiscal Select the first month of the fiscal year from the menu by typing the capital letter in the months name or, alterna- tively, by using the cursor keys to move the high light bar over the month's name and pressing <Enter>. Page 18 AmortizeIt! (c) Pine Grove Software No Extra Payment Selecting this option will cancel all previously entered extra payments. Extra Annually This will allow you to enter an extra payment once a year on the anniversary date of the loan. extra Periodically This will allow you to enter extra payment(s) on any payment date. This is the option that you want to select if you wish to schedule a series of regular extra payments. (Follow the menus from the entry screen that allows extra payments to be copied.) Print In version 1.1, pressing <F3> will print out an amortization table. There will be a title page with the name of who the table was prepared for as well as the name of the preparer. The print routine will print a amortization schedule for any period or range of periods. Page 19 AmortizeIt! (c) Pine Grove Software Coming New Features AmortizeIt! version 1.1 will offer: Printing Feature to print entire table or any range of periods. A title page will be printed as well. It will allow you the opportunity to enter a client's name and other sundry infor- mation. Data Save Feature. Save a client's data, i.e. rates, extra payments etc. to disk. Ability to also print to disk so that file can be later edited AmortizeIt! version 1.5 will offer: Short and long beginning periods Exact interest rate calculation Interest change on any date, not just payment dates Matrix display that changes rate and amount and displays different payments APR factoring in points and extra payments Greater accuracy with larger values Ability to compare 2 or 3 loans at the same time Page 20 AmortizeIt! (c) Pine Grove Software Pine Grove Software Pine Grove Software was founded in 1985. AmortizeIt! and SolveIt!, The Financial Calculator are our two software packages. Pine Grove Software 67-38 108th St., Suite D-1 Forest Hills, NY 11375 (800) 242-9192 or (718) 575-9192 The programmer, Karl Thompson, is a partner in the computer consulting firm, Thompson & Roth. They are located at: Thompson & Roth Computer Consultants Suite 2101 875 Avenue of the Americas New York, NY 10001 (212) 279-5570 Mr. Roth is a CPA. The firm specializes in accounting and general multiuser and network computer installations. SolveIt! 4.0 SolveIt!, The Financial Calculator was released in 1985. It has gone through many revisions. Version 4.0 is scheduled to be released in 1990. SolveIt! does everything that AmortizeIt! 1.0 does plus there are more than 24 additional routines. Call Pine Grove Software at (800) 242-9192 for additional information. NOTE: There is more detail in the help screens than in this manual for Negative Amortization and solveing for rates. Page 21 AmortizeIt! (c) Pine Grove Software INDEX Accrued Rate 16 Adjust Annually 18 Adjust Periodically 18 Amortize Loan 4 Amortizing Method 13 Annual Rate 14 Color Picker 1 Coming New Features 20 Compounding Period 13 Copy Amount 16 Copy Rate 16 Days Per Year 14 Default Subdirectory 2 Display 16 Display Year 13 Entering and Editing Data 6 Extra Annually 19 Extra Payments 15 Extra Periodically 19 Fiscal 18 Fiscal Month 15 Fixed Rate 18 Help with Help 1 Important Keys 7 Input Fields 10 Install 1 Interest Due 5 Loan Amount 10 Loan Calculator 4 No Extra Payment 19 Number of Days 17 Paid Rate 15 Payment Date 12 Payment Method 12 Payment Period 12 Payments 10 Pine Grove Software 21 Start/Last Date 17 Page 22