---

Posted by Teresa K. Baty on March 18, 2002 at 13:24:54:

John,

I just read your article entitled something like, "Clearing the Calculator Confusion" in which you state that often banks, etc. get the compounding interest issue wrong. You elude to the fact that they actually compound it MONTHLY when they should, in fact, be compounding it ANNUALLY unless the document clear states otherwise.

1. Can you point me in the direction of the supporting documentation (case law, statute, etc.) that backs this up? For example, if I want to take on the bank that my own mortgage is with and they have done it wrong -- how would I make my case?

2. I'm a little dense on this issue, what is an easy way to verify if the lender has compounded monthly INSTEAD of annually? (Please excuse my ignorance.)

Love the site, just found it because of the article which was available in the Library at the ANN site.

Thanks,

Teresa K. Baty
President
Mortgage2Cash

Follow Ups:

• Just the way it is John Behle 18:05:08 3/23/2002 (0)

---

Post a Followup

Name    : 
E-Mail  : 
Subject : 

Comments:


 

---

[ Follow Ups ] [ Post Followup ] [ Cash Flow Forum ]

WWWBoard 2.0a and WWWAdmin 2.0a © 1997, All Rights Reserved.
Matt Wright and DBasics Software Company