Re: canadian mortgages in the SX editor

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Re: canadian mortgages in the SX editor

Terry D. Boldt
Don't know what you mean by the "Loan Druid and SX editor", but if you examine
the financial calculator, you will notice that it allows you to specify the
"compounding frequency" and the "payment frequency" (you can choose the
"Compounding"  and "Payments". Thus in the Financial Calculator you can
select a "Canadian Loan" quite easily.

Not too sure what you mean by "ability to specify a nominal interest rate that
has an implicit compounding frequency that is different than the actual
compounding frequency of the interest paid".

In the Financial Calculator you can specify all 5 variables of any financial
calculation, this includes the Compounding Frequency and the Payment
Frequency. ormally the Coompounding Frequency and the Payment Frequency are
equal and set to 12 (for monthly payments and monthly compounding). But the
financial Calculator lets you set them to other values and they do not have
to be equal. This lets you handle Canadian loans in the Financial Calculator
quite easily.

I am not too sure, but are you saying that gnucash has 2 sets of financial
equation computations and that they may be different. If so, then that is a
situation which should be rectified.

Hope this helps.

On Sunday 27 February 2005 18:06, Ludovic Nicolle wrote:

> Hey guys,
> so this is my first post, so be indulgent if possible. thanks.
> As a canadian user trying to use the Loan Druid and SX editor, one
> feature that was missing was the ability to specify a nominal interest
> rate that has an implicit compounding frequency that is different than
> the actual compounding frequency of the interest paid.
> (Yes I know, this sounds weird, but this is the way canadian mortgage
> rates work, probably because 200 years ago doing a multiplication was
> more costly than actually building the house, so they reduced the
> number of calculations done.)
> Anyway, there is a somewhat easy way to translate the canadian posted
> rate to an effective periodic rate. One can use that rate with the
> "standard" formula and get the good results, but you have to know the
> proper formula, and enter it properly in the Sx editor, and know scheme
> keywords. Not very user friendly.
> So I have created a patch that contains 4 functions. One to do that
> translation of nominal to effective rates based on the 2 compounding
> frequencies. Three other functions are the cpd equivalent of the
> gnc:pmt, gnc:ipmt and gnc:ppmt functions, with the conversion builtin,
> so it's easier to use in the SX editor.
> One more feature that was bugging me while working on this is that the
> sum of interest and principal was often not equal to the payment. So
> the the 3 cpd_ functions in the patch have a builtin rounding at the
> 2nd decimal. This precision is hardcoded, so i don't really like it,
> but I think it can be fixed in a later patch.
> So i created this bug
> with the patch attached.
> jsled, this is your realm, so I guess you are the one who should give
> me the most feedback. ;-)
> Ludo
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> gnucash-devel mailing list
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