View Time Payment Entry screen.

Total Amount Financed
The Total Amount Financed is the amount used in calculating the monthly payments. It is calculated like this:

Amount Financed = Cash Price - Down - Insurance Benefit

If Time Payments can be considered as making a loan, then the Total Amount Financed is the amount of the loan you are making.

Interest Rate (Annual Percentage)
If you are charging interest (finance charge) for this Time Payment, enter the interest rate here. This will be a yearly interest rate. Reasonable rate examples are 12%, 13.2%, and 18%. If there will be no interest charged then just press Enter.

Monthly Payment and Number Of Monthly Installments
We consider Monthly Payment and Number of Installments together. You will enter a value for only one of these. If you want a fixed amount for the Monthly Payment, you will enter that amount. The computer will then calculate what the Number of Installments will be. If you want a fixed Number of Installments, you will enter that amount in the installment field. The computer will then calculate what the Monthly Payments will be.

NOTE - If you set a fixed Monthly Payment, the computer may have to slightly modify it so as to come out even over the number of months that are required. For example, if you set a Monthly Payment of $50, it may recalculate to $50.12.

Calculate Button
You will notice that the large Calculate button is disabled (grayed out) until you enter a value for either Monthly Payment or Number Of Installments. After entering a value and leaving the field (by pressing the Tab key), the Calculate button will become enabled. Click on the Calculate button and either Monthly Payments or Number of Installments will be entered automatically. In addition the remaining fields will also be calculated and displayed. These include:

• Total Finance Charge
• Total Payment Due
• Amount of Loan Remaining