Calculating interest on loan

[Cabbage]

Morning,

Maybe someone can help me.

I have a couple of commerical loans and the bank are charging interest every month as usual.

How do I actually make sure that the interest figure charged is correct?

This is something I really want to keep my eye on going forward. Is there any software programs out there that will help me do this.

I know I can probably use excel, but is there anything else available?

Any help much appreciated.

 

[Brendan Burgess]

It should be easy to get a rough idea of the monthly interest by multiplying the balance outstanding at the start of any month by one twelfth of the interest rate.

I did get an evaluation copy of an Australian bank checking software, but I haven't evaluated it yet.

There are people who will check it for you, but unless you feel that there is a significant error, their fees would not be worth it.

Alternatively, you can try asking the bank to show you how the interest is calculated. I have tried this twice and failed both times. No one in the bank could show me the calculation.

Brendan