Please show all details of how you obtain the answer.
2006-11-09 11:27:01 · 2 answers · asked by ace 2 in Business & Finance ➔ Renting & Real Estate
On a 30yr mortgage your payment is $304.38
$ 37.50 Prinicipal
$266.88 Interest
I used a financial calculator to first find the monthly payment 30 G N 45750 CHS PV 7 G I =PMT 304.38
Next Find Sinking fund factor 1 CHS FV 30 G N 7 G I PMT .00082 Multiply by 45750 =37.50 (Principal payment)
Interest Payment multiply 45750 *7%=3202.50/12=266.88 (Interest payment)
The interest changes month to month so you would deduct the 37.50 from the principal and replace the new number where 45750 is.
2006-11-09 11:48:02 · answer #1 · answered by tianaramal 4 · 1⤊ 1⤋
.07 x 45,750= 3202.50
3202.50 divided by 12= 266.88
266.88 is your monthly interest payment
2006-11-10 07:15:28 · answer #2 · answered by Anonymous · 0⤊ 0⤋