Christian J Gilly

US Patent:

20110066546, Mar 17, 2011

Filed:

Sep 15, 2009

Appl. No.:

12/560281

Inventors:

CHRISTIAN GILLY - Mahopac NY, US

International Classification:

G06Q 40/00

US Classification:

705 38

Abstract:

A computer implemented method for calculating loan repayment schedule is disclosed, which may comprise receiving data associated with an initial principal loan amount, an interest rate, and a length of loan term; processing the data using a processor to determine a periodic minimum payment toward the initial principal and the interest, and when the minimum periodic payment is made, a new principal balance is determined by subtracting payment toward principal from the initial principal loan amount, and when a payment in excess of the minimum periodic payment is paid, the new principal balance is calculated by subtracting the excess principal payment and the payment toward principal from the minimum periodic payment from the initial principal; and recalculating a new minimum periodic payment based on remaining time and balance of the loan.