Canada

Hi Luc

ID uses a standard repayment calculation that you would find typically in excel or any other financial calculator. Most banks have very unique formula’s that they use to determine the actual repayment, you can set the repayment in ID manually by un-checking the “Always Calculate Repayment” and entering the repayment the bank has calculated.

Regarding Canadian repayments, I am not familiar with the differences and the loan calculators I tried online seem to be very similar to the Australian ones. The figures I came up with were only a few dollars difference which is to be expected with the way different banks do their calculations. Is there any further information specific to the way Canadian Banks do their calculations that you could enlighten me with?

Regards

Philip Batey
JATPAC Designs

Author of Investment Detective