Method and system for flexible scheduling of repayment of a...

Details Method and system for flexible scheduling of repayment of a... Method and system for flexible scheduling of repayment of a...

2011-01-11

2011-01-11

Colbert, Ella (Department: 3694)

Data processing: financial, business practice, management, or co

Automated electrical financial or business practice or...

Finance

C705S037000

Reexamination Certificate

active

07870048

ABSTRACT:
The present invention relates to a method, system and computer program product for displaying a flexible schedule for repayment of a loan. The method comprises computing an effective rate of interest on the basis of a nominal rate of interest and a compounding frequency and calculating installments to be paid based on a principal loan amount, a loan term, a disbursement date, the effective rate of interest and a predetermined set of parameters. Multiple installments of a fixed or variable amount can be paid in a particular period of time. The method facilitates entering user selected parameters such as accrual basis, bullet payment amount and period, payment holiday period and incrementing and/or decrementing installments in corresponding predefined period(s).

REFERENCES:
patent: 4742457 (1988-05-01), Leon et al.
patent: 5983206 (1999-11-01), Oppenheimer
patent: 2003/0033212 (2003-02-01), Sandhu et al.
patent: 2008/0262956 (2008-10-01), De La Motte

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