Jukarta is a new calculation engine from Copernicus designed specifically for lease, loan, mortgage and hire purchase (conditional sale) calculations on the web at www.jukarta.com and Android phones - visit the Android Market
Touch a time frame or cash flow edit box on the right of the screen to change data. Click the Enter (Return) key on the (virtual) keyboard and the cash flow is automatically recalculated. To change the calculation from the payment amount to any other money amount click one of the labels on the left.
You can view these instructions using the Help menu option.
Frequencies available are Monthly, Quarterly, Half-yearly and Annual
Term is specified in months and is used to determine when a Balloon (or residual value) would fall due. It is also used for calculating the Flat rate (see below)
Advance payments are usually 1 but it is possible to take more than one payment on day one. Advance payments may also be set to zero in which case the first payment is taken one month, quarter, half-year or year after the start date
Further payments are the number of payments after the initial payment
Cost is the cash outflow on day one
Rate is the real interest rate charged on the balance outstanding compounded at the Frequency specified
Payment is the regular receipt (or rental). This is usually calculated by Jukarta. The target may be changed by clicking on one of the other cash flow labels (the time frame variables cannot be used as targets)
Initial payment is a single cash flow received on day one
Balloon is a single cash flow received on the end date (Term months after the start)
Commission is a single outflow on day one and is included in the balance outstanding
Flat rate is calculated from the Term and the Rate. The calculation assumes a monthly in arrears profile for Term months. For example, if the Term is 36 and the real Rate is 10 then Jukarta calculates a (rounded) payment in arrears rental of 322.67. Total payments are 11,616.12 so the interest of 1,616.12 over 3 years is a simple interest rate of 5.387%
There is an enterprise version of Jukarta which enables storage of evaluations in XML files which may then be uploaded to a server for further processing. See www.copernicus.co.uk for details
Alternatively email allen.jones@copernicus.co.uk or call +44 (0)7785 110548
Comments on Jukarta and ideas for improvements are always welcome