Loan with daily compounding interest

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Jeff

23 Sep, 2021 01:21 AM

Is it possible to set up a loan with daily compounding interest? I recently got a loan which has daily compounding interest. Moneydance seems to be assuming monthly compounding interest on the reminder transactions it's generating, which will be slightly off every month and need to be corrected. For example, this month Moneydance's automatically generated transaction thought I would be paying $33.95 in interest, but since there have been 31 days since the last payment, I actually paid $34.60

  1. System closed this discussion on 23 Dec, 2021 01:30 AM.

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