If you have a loan where the interest is either calculated or compounded *daily*, I would appreciate it if you would send me certain loan data (specified below). I am trying to intuit the various ways that lenders might implement this paradigm.
Send the data to mortdata3 "at" hotmail.com. If you are skittish about revealing your email address, set up a free account at hotmail.com or mail.yahoo.com, for example.
The data I would like (as much as you can provide) are for a period or series of periods with the *same* interest rate:
- Loan balance before the period or series of periods.
- Number of remaining periods.
- Payment frequency (monthly, biweekly, semi-monthly, etc).
- Amount of payment.
- Jurisdiction (US, UK, Canada, etc).
- Stated annual interest rate. *Not* the APR, if you are given two rates.
- Daily interest rate, if stated. *Not* the APR, if you are given two rates.
- The following information from *each* of one or more periodic statements: beginning and ending dates, beginning and ending balance, amount of payment, amount of interest.
I do not expect to write back to you. But if it is okay for me to do so (to request clarification), please indicate that.
Many thanks.
(And thanks to the moderator for allowing me to post this here. Feel free to truncate any discussion.)
Disclaimers: I am an individual, not a broker or employee of a lender. The information you provide is for my personal use only. It will not be shared, and it will not be used for commercial purposes.