Loan amortizationWritten by Jakob Jelling
Most loans are repaid through a loan amortization schedule. This includes making monthly payments until you have paid back all money you owe. Each month payment amount will include principle and interest on your balance.Loan amortization is spreading out of a lump sum cost over periods of repayment. Loan amortization can include home mortgages, car loans, boat loans, etc. A loan amortization schedule can help you break down cost of loan into its main components. You can also use a loan amortization to see payments from period to period. Loan amortization shows you how much you will be paying from month to month. The monthly payments can be broken down into interest payments and principle payments. As loan repayment period progresses, you will be paying less in interest payments and more in principle payments. This is because as you principle is reduced, there is less interest accumulating on your balance. Loan amortization can allow you to structure your monthly payments accordingly. You can figure out best amount to pay monthly on your debt repayment. You can also see any benefits of pre-payment on your loan. There might be penalties associated with pre-payment on some types of loans.
| | ERP (Enterprise Resource Planning) Overview Written by Exforsys.com
ERP (Enterprise Resource Planning) Overview covers What is ERP, Brief history of ERP, Why is it necessary, Market Leaders and future of ERP. What is ERP? Enterprise Resource Planning or ERP is an industry term for integrated, multi-module application software packages that are designed to serve and support multiple business functions. An ERP system can include software for manufacturing, order entry, accounts receivable and payable, general ledger, purchasing, warehousing, transportation and human resources. Evolving out of manufacturing industry, ERP implies use of packaged software rather than proprietary software written by or for one customer. ERP modules may be able to interface with an organization's own software with varying degrees of effort, and, depending on software, ERP modules may be alterable via vendor's proprietary tools as well as proprietary or standard programming languages. Brief History of ERP The focus of manufacturing systems in 1960's was on Inventory control. Most of software packages then (usually customized) were designed to handle inventory based on traditional inventory concepts. In 1970's focus shifted to MRP (Material Requirement Planning) systems that translated Master Schedule built for end items into time-phased net requirements for sub-assemblies, components and raw materials planning and procurement. In 1980's concept of MRP-II (Manufacturing Resources Planning) evolved which was an extension of MRP to shop floor and Distribution management activities. In early 1990's, MRP-II was further extended to cover areas like Engineering, Finance, Human Resources, Projects Management etc i.e. complete gamut of activities within any business enterprise. Hence, term ERP (Enterprise Resource Planning) was coined. Why is it Necessary? By becoming integrated information solution across entire organization, ERP systems allow companies to better understand their business. With ERP software, companies can standardize business processes and more easily enact best practices. By creating more efficient processes, companies can concentrate their efforts on serving their customers and maximizing profit.
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