Loans- intrist rate changes daily

I have two loans where the intereste is adjusted dailiy.
The lowest setting Money will let me do is to set it up
for once a month. This throws of the whole loan
calculation so it is not accurate. I am sure other people
have run into this issue. I was wondering how they where
dealing with it. Why doesn't Money let you ajust for
this. It is a pretty common thing. The other thing is, I
have set up a car loan. Now it is set, is there anyway to
go back and add an asset to that loan. I saw I could do
it when I was setting up the loan, but by accident didn't
do it. Now, I can't find a way to go back and add an
asset to the loan, like my car.
Thanks,
Chris

Ivan
Fri Aug 15 14:27:55 CDT 2003

I have never heard of a loan where the interest changes
daily. What type of Loan is it?

It would be too difficult to change it on a daily basis
since your payments and interests are usually calculated
by Money.
I would suggest putting in an Average interest rate and
change the payment amounts when you make the payments.

Also to add an Asset to a loan, go to the Details of the
loan. Then scroll to the bottom. This will allow you to
assign an asset account to the loan.

chris
Fri Aug 15 16:10:42 CDT 2003

It is kind of complicated. They take the loan amount,
$13.373.01 X 17.95% = first year interest, then divide
that by 365, that gives me my daily interest. Now my
payments are always $350.84, and now $123 is applied to
interest and $227.84 is applied to pricipal. I still
haven't quite figured it out. But it does not come out
right when I put the numbers in Money. This time I left
the time of the loan empty and let Money calculate that.
It came up with 3 years, when really it is a 5 year loan
and Money says I own $8.053.55, when really I owe
$8,322.78. I can't seem to figure this one out?
Thanks,
Chris

>-----Original Message-----
>I have never heard of a loan where the interest changes
>daily. What type of Loan is it?
>
>It would be too difficult to change it on a daily basis
>since your payments and interests are usually calculated
>by Money.
>I would suggest putting in an Average interest rate and
>change the payment amounts when you make the payments.
>
>Also to add an Asset to a loan, go to the Details of the
>loan. Then scroll to the bottom. This will allow you
to
>assign an asset account to the loan.
>
>.
>