Features of Legal Math
In use
since 1989 throughout the USA*
Click
to see a Sample Calculation generated by the
program.
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Click to see the Data
Entry Screen.
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For Windows XP, Vista,
Windows 7 or 8
No other special system
requirements. Less than 2.5 MB size on disk,
which is about the size of several medium size
photos. Memory use is minimal and never of
concern.
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In addition to being able to Calculate Interest on Past Due Child Support, Legal
Math will also:
Calculate interest on any other flow of irregular payments or charges (garnishments,
collections, promissory notes in default)
Calculate the Present Value of a Pension Plan
or any other future money payment situation (Pension Plans, Right to future
monthly payments, Right to a future lump sum)
Calculate loan payment amounts and prepare amortization schedules
Calculate the
present value of any regular periodic flow of dollars (monthly, bi-monthly,
weekly, quarterly, yearly)
Calculate the present value of any increasing regular
periodic flow of dollars (monthly, bi-monthly, weekly, quarterly, yearly)
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Calculate the present value of a lump sum to be
received in the future
Calculate the future value of any regular periodic
investment (monthly, bi-monthly, weekly, quarterly, yearly, daily)
Calculate the future value of a lump sum invested over time.
Calculate the monthly payment available over time from
a known lump sum
Easily do calendar math:
add or subtract days from a know date and calculate the number of days between
dates.
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Who needs it?
This program is for anyone who ever sat down with a
calculator, a calendar, a yellow pad, a cup of coffee and a bottle of
aspirin in an attempt to calculate daily interest on any debt with
frequently changing balances and payments.
Can be used by lawyers, accountants, lumber yards, vehicle
dealers, private lenders, employer/employee loans .... the list is endless.
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Try using the other brand!
It's possible that the world's leading spread
sheet program has the ability to calculate daily interest on
changing balances with irregular payments and changing interest
rates, but try doing it twice in a row with even slightly different
facts. And try figuring out how to do it even once without
wasting days of your time when all you want is to get that "simple
little calculation" over, done and out the door.
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Details for Interest Calculating feature
(Note: This interest calculating feature can easily be used
for calculating interest on any series of irregular payment transactions,
including calculating interest on past due child support.)
Specify Simple or Compound Interest (compound monthly or
annually)
Apply payments (1) first to interest, then to past due and current
principal; (2) first to current month obligation, then to interest, then to past
due principal; or (3) first to current month and past due principal, then to
interest (this is the new California Rule).
Apply a particular payment in some order different that the
order in which the other payments are applied. (can be used for special
treatment of child support "tax intercept" transactions or for any specially
designated payment)
Change the interest rate in mid-stream of a
series of transactions.
Add a short text description to any or all transactions.
Use a 365 or 360 day year.
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Easy data entry for monthly, twice per month, every other week,
weekly, first and fifteenth transactions. Single key repeats prior
transaction and increments date by one month, two weeks, one week or twice per
month.
Enter transactions in any order. Program then sorts into dated order.
Optional "Grace Period" settings:
Delay calculating interest on payments received
within 30 or 31 days of their due dates. (for child support interest
calculations in Illinois and Texas and certain other states)
Calculate monthly rather than daily
interest, with payment considered as timely if paid during the month it falls
due.
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* Legal Math Geographical distribution:
Legal Math has a significant presence among
family law lawyers and collection lawyers in the
following states: (The program is primarily used in
these states to calculate interest on past due child
support and to calculate interest on other types of past
due accounts involving judgments, garnishments and
irregular charges and payments.)
Arizona California Colorado Georgia Illinois
Indiana Iowa Louisiana Maine Missouri Nebraska New
Jersey New Mexico Oklahoma Oregon Pennsylvania Texas
Washington Wisconsin
Legal Math also has a modest presence among
family law lawyers and collection lawyers in the
following states:
Alabama Alaska Arkansas Connecticut Florida Idaho
Kansas Kentucky Louisiana Michigan Minnesota
Mississippi Nevada New York Ohio Tennessee Utah
Virginia Wyoming.
There are Legal Math users in most of the rest of
the states, as well, but not enough for us to be
bragging about them - yet.
Legal Math is used by Governmental Child Support
Enforcement Offices in California, Colorado, Nebraska,
Oklahoma and Wisconsin.
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