Patents by Inventor Ravneet Kaur Mumick

Ravneet Kaur Mumick has filed for patents to protect the following inventions. This listing includes patent applications that are pending as well as patents that have already been granted by the United States Patent and Trademark Office (USPTO).

  • System and method for loan prepayment discounts
    Patent number: 6006207
    Abstract: A method and system of implementing a loan in a billing system includes memory storing information relating to the loan, the information including a principal balance of the loan, a term of the loan, and an interest rate of the loan. A prepayment amount that is a portion of the principal balance of the loan is selected. A present value of the prepayment amount is determined and a discount amount is selected. A discounted prepayment amount is determined based on the prepayment amount and the present value of the prepayment amount. The discount amount may be less than, equal to or greater than the difference between the prepayment amount and the present value of the prepayment amount. The discount amount may be greater than the difference, for example, for promotional purposes.
    Type: Grant
    Filed: April 17, 1998
    Date of Patent: December 21, 1999
    Inventors: Ravneet Kaur Mumick, Inderpal Singh Mumick