The following is a list of
new features that have been made since the program was first
released in the Fall of 1999. (A separate list of program
"minor
changes" is
also available on this web site.)
A feature to calculate the Annual Percentage
Rate (APR) on a consumer loan was added to the program
in mid-2004. This feature can account for an
irregular first or last payment and an irregular first
payment period. It is very helpful to those who
represent buyers and sellers of products which are
financed "in house" to be paid for over time.
The Interest on Irregular Transaction feature has
several new calculation
options:
30 day grace period. A
payment made within 30 days of its due date is
treated as if paid on time. No interest
will be charged on account of this otherwise
"late" payment. This 30 day
grace period option was added to accommodate
interest on past due child support calculations
in Illinois and several other states which this
30 day grace period is statutorily required.
31 day grace period. A
payment made within 31 days of its due date is
treated as if paid on time. No interest
will be charged on account of this otherwise
"late" payment. This 31 day
grace period option was added to accommodate
interest on past due child support calculations
in Texas and several other states which a 31 day
grace period is statutorily required.
Monthly interest. A
payment is treated as if paid on time if paid
within the same calendar month that the
payment falls due. Interest is calculated
monthly rather than daily, and a year is
considered to have 12 equal length months.
The Interest on Irregular Transaction feature has
several additional "increment or repeat prior
value" options. You can now:
Increment the prior date by one month without
repeating the prior transaction
Repeat the prior transaction and increment the
prior date by one month, 7 days, 14 days or two
weeks.
The amortization schedule was revised in
mid-2002 to print with a Times Roman rather than a Courier
New font.
The loan amortization schedule now
has several options as to how to account for the
interest that will be earned during the remaining
days of the first month (the month in which the loan is
closed).
Totally new to Version 2004 is a feature that
calculates the Annual Percentage Rate of a consumer
loan. This is the rate required by the Federal
Truth-in-Lending Act. This feature can account for an
irregular first or last payment and an irregular first
payment period.
On line Instructions have been improved.
The program is supported by this web site such
that you can use the internet to obtain a lost
Activation Code, to get a new activation code to
reflect a new name and to purchase additional program
licenses.
In order to take advantage of these updates, you may
want to purchase the latest version of the program. If you
have an existing license to use the Windows version of the Legal Math
program, you can purchase an update for about one half of what it
would cost a new user to purchase the program. To do so,
click here
to be taken to the screen where you can
start
the purchase process.
