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US 2011/0258096 A1Published application
Loan management system and method
OwnerJonathan Leminventor
Life of this patent
Estimating the term…
Abstract
A loan management system and method includes an alternative repayment amortization method. Each installment on repayment of the loan includes an equal fixed principal repayment amount and an interest amount. The equal fixed principal repayment amount is based on the amount of the loan and the number of installments to be paid over the life of the loan. The interest due for each installment is based on the interest rate and the amount of outstanding principal at the time a given installment is due.
Claims19
A computer implemented method of loan management, comprising:
- determining a principal loan amount;
- determining an interest rate;
- determining a number of repayment installments;
- calculating a equal fixed principal repayment amount based on the principal loan amount and the number of repayment installments;
- calculating an interest payment based on the principal, the interest rate and number of repayment installments;
- calculating an installment amount by adding the equal fixed principal repayment amount and interest payment;
- calculating a remaining principal amount by subtracting the fixed principle repayment amount from the principal loan amount;
- calculating a subsequent interest payment based on the remaining principal amount, the interest rate and number of repayment installments;
- and
- calculating a subsequent installment amount by adding the equal fixed principal repayment amount and the subsequent interest payment.
7 more elements
A loan management device comprising:
- a memory configured to store a set of instructions;
- and
- a processor configured to execute the set of instructions, wherein the set of instructions cause the processor to:
- receive a principal loan amount;
- receive an interest rate;
- receive a number of repayment installments;
- calculate a equal fixed principal repayment amount based on the principal loan amount and the number of repayment installments;
- calculate an interest payment based on the principal, the interest rate and number of repayment installments;
- calculate an installment amount by adding the equal fixed principal repayment amount and interest payment;
- calculate a remaining principal amount by subtracting the fixed principle repayment amount from the principal loan amount;
- calculate a subsequent interest payment based on the remaining principal amount, the interest rate and number of repayment installments;
- and
- calculate a subsequent installment amount by adding the equal fixed principal repayment amount and the subsequent interest payment.
10 more elements
A loan management system comprising:
- one or more terminals operable to act as a client on a network;
- a computer operable to act as a server on the network and to communicate with each of the participant terminals over the network, the computer comprising:
- a memory configured to store a set of instructions;
- and
- a processor configured to execute the set of instructions, wherein the set of instructions cause the processor to:
- receive a principal loan amount from at least one terminal;
- receive an interest rate from at least one terminal;
- receive a number of repayment installments from at least one terminal;
- calculate a equal fixed principal repayment amount based on the principal loan amount and the number of repayment installments;
- calculate an interest payment based on the principal, the interest rate and number of repayment installments;
- calculate an installment amount by adding the equal fixed principal repayment amount and interest payment;
- calculate a remaining principal amount by subtracting the fixed principle repayment amount from the principal loan amount;
- calculate a subsequent interest payment based on the remaining principal amount, the interest rate and number of repayment installments;
- and
- calculate a subsequent installment amount by adding the equal fixed principal repayment amount and the subsequent interest payment.
12 more elements
Dependencies are inferred from the claim text.