Financing 421,600.00 over 30 yrs. at 4.8%. I am not sure how to figure this on the calculator.
2007-01-03 08:54:52 · 6 answers · asked by harbet79 1 in Science & Mathematics ➔ Mathematics
$2,211.99 a month principal and interest.
2007-01-03 08:58:36 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Try reading your text book - or searching for the formula on the internet. Google is your friend.
The amortization calculator formula is: (1-vn)/r, where n = number of years, v = 1/(1+r), and r = interest rate / 100.
Divide by (1+r) if a payment is due at the beginning.
2007-01-03 17:07:18 · answer #2 · answered by ceprn 6 · 0⤊ 0⤋
The following equation is what I come up with, which I hope
is correct:
ITEM EXTENSIONS:
Principle $421,600.00 $ 421,600.00
Interest: 4.8% 20,237.00
441,837.00
Time to payback(total)
divided by 360 months
(life of the contract) 1,227.33
amount to pay per month: 1,227.33
This formula is what I come up with, I've double checked it
to ensure accuracy, hope it helps you.
Thats my message, good luck.
Donald H. Sites
sueanddon350@sbcglobal.net
2007-01-03 17:44:26 · answer #3 · answered by sueanddon350@sbcglobal.net 2 · 0⤊ 0⤋
$2255.00 per month. I use "Monthly Interest Amortization Tables" by Contemporary Books, Chicago, IL.
Besides using the table, it is necessary to interpolate.
2007-01-03 17:02:34 · answer #4 · answered by regerugged 7 · 0⤊ 0⤋
what is it that you want to figure, the monthly payment, the amount of monthly interest, the amouhnt of monthly principal, the lifetime payoff? Please be specific in your question.
2007-01-03 17:03:59 · answer #5 · answered by Rick 5 · 0⤊ 0⤋
It will be $2,211.99 a month. that is if you can get that rate and if you aren't putting anything down
2007-01-03 16:57:54 · answer #6 · answered by Anonymous · 0⤊ 0⤋