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  1. #1
    Join Date
    May 2004
    Atlanta Ga

    Unanswered: Novice needs help with fanancial formulas

    I am building an MS Access database for my Pawn Shop / Title Pawn business.

    Being a novice, I have run across a problem.

    The interst rate for loans is 25% per month. After the 3rd interest payment, the interest rate drops to 12.5%. (State law)

    All is fine with regular pawns (Jewelry, Music stuff, Tools etc.), beginning with the 4th payment the payment drops in half and stays that way untill a final payment, in the amount of the original loan plus interest of [Current Interest Rate],
    but with title loans, the interest drops to 12.5% after the 3rd payment and the payment based on [Current Loan$*.25], stays the same, so as to eventually payoff the loan,
    AND sometimes people pay extra $ above the [Current Interest%] payment amount which constitutes a different [Current Loan$] remaining. This remaining amount has to be re-calculated at the current interest rate.

    I just can't get it into my mind how to figure this out. (Manualy its simple, but calculating and storing the info automatically is my problem) I can email the db program and you can look it over. Or if you know of someone that can help me, I SURE would appreciate it!

  2. #2
    Join Date
    Mar 2003
    The Bottom of The Barrel
    Provided Answers: 1
    You need to put some serious thought into your table structure. This won't be too hard if you have the tables laid out properly. When you say "calculating and storing the info automatically is my problem", this leads me to believe you may not be harnassing the power of a good layout. If values can be calculated from the information you have in the db, there is no good reason to store them as it would be redundant, and hard to keep updated properly.

    Can I ask what you have so far?
    oh yeah... documentation... I have heard of that.

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