how do you compute for your monthly amortization given the interest rate,principal amount plus the # of months to pay?
what is the formula to use?
thanks!
2006-11-22 05:30:35 · 6 answers · asked by mArQuiTa ChiKa 3 in Business & Finance ➔ Personal Finance
Just type in "amortization calculator" in google. Here's the one I use: http://ray.met.fsu.edu/~bret/amortize.html
2006-11-22 05:34:05 · answer #1 · answered by Anonymous · 1⤊ 0⤋
The original question was: *how do you compute* or *what is the formula* (not *how to find a mortgage calculator*).
The loan repayment process that is called 'amortization' (recalculating the interest and principal every month) is explained at:
http://mortgage-x.com/library/answers/amortization.asp
The equation for the monthly payment is derived.
The exact formula is given.
2006-11-26 04:09:59 · answer #2 · answered by Drink Wine 1 · 0⤊ 0⤋
On the most recent versions of Excel, do insert function, go to PMT under the financial tab. Then put in the first line the annual rate divided by 365 (to get the daily value). That should give you an accurate result.
2016-05-22 16:12:37 · answer #3 · answered by ? 4 · 0⤊ 0⤋
go to www.bankrate.com and under mortgage calculators you just need to enter your info and it will show you the fully amortization P&I.
2006-11-22 07:40:39 · answer #4 · answered by Jen G 3 · 0⤊ 0⤋
go 2 google
2006-11-22 05:38:32 · answer #5 · answered by snowboy789 1 · 0⤊ 0⤋
"MSN money central" has a calculator for this plus many more !!
: )
2006-11-22 07:15:02 · answer #6 · answered by Kitty 6 · 0⤊ 0⤋