I've always kept my own amortizations and had goals/forecasts for when I'd pay stuff off. I keep track of this in excel and never rounded. On my home loans I've always matched to the penny (not a single problem in 12 years with any payment), but with my wife's school loans I'm often off by a penny or two.

Now I'm trying to calculate the payoff and I was just curious if anyone in the banking industry, etc. knew if there was a standard for how many decimals places rates are rounded to (if rounded at all). They are clearly rounding or doing something on these school loans and it's annoying. Sure I could add a few pennies to my payment, but I'd like to understand WTF they're doing.

I've tried rounding my daily rate from 9 to 14 decimals and I'm still off.

Actually the problem might be days. The two home loans were based on 365 days, but I read some school loans are 365.25. That didn't solve my issue though. I'm still searching.

I also read many school loans are rounded to 1/8th.

currency data type uses 4 decimals. it probably has something to do with one of the repeating decimal numbers.

somebody can delete this. I found my answer.

if anyone else has school loans through direct loans it's 365.25 days and rounded to the 8th decimal for daily interest calculations.

O.o

duhhhhhh

love how in the US there are different rules for different types of loans:P

Don't make me think!

so are you telling me that if i live in a school, in 4 years i would have gained a day? :o

You gain a day every 4 years no mather where you live ?

call the bank and ask! :p

not quite every 4 years. If the year is a multiple of 100 it is not a leap year unless it is also a multiple of 400.:P So 1900 was not a leap year but 2000 was. Theoretically, our calendar may need to be adjusted again after another 8,000 years or so, but by this time other astronomical factors such as tidal acceleration and precession of the equinoxes come into play, making it almost impossible to predict at this point whether or exactly how much of an adjustment may be needed.

we need to change the units to fluff.

And they don't send bills apparently

bonus post

would appear that he's checking the bill for irregularities.

I always keep my own spreadsheet and tie it back to the statements. This way I can forecast all future payments, payoff date and set financial goals. I have set my payment schedule on my house from now until it's paid off (based on my bonuses, tax returns, etc.) and have a really good idea of when I'll be debt free.

I still won't think!

This is exactly the kind of fluff that I feel everyone still playing this game does. I mean, that's pretty much what we do here, isn't it?

No thinking!