I am useing a scientific calculator with no obvious % sign. I am trying to figure out the interest on a 100,000 dollar loan at 6.5 % for 30 years. I am doing something wrong with the calculator or something. Explain it as if to a 3rd grader how to figure this out and what i am doing wrong. Simple please. I am taking 100,000 times 6.5 hitting return and getting 650,000 i want to figure out the interest and my monthly payment. Help i am obviously not blessed with math skills......help me please.. (why can't you spell check in the "add detail" block also?? from: stupid!
2007-02-25 06:41:20 · 2 answers · asked by Crazy Ray!!! 2 in Business & Finance ➔ Credit
The annual interest on $100K at 6.5% will be $6500, and the monthly is 1/12 that amount.
If you are trying to figure out a mortgage payment for 30 years, however, its not very simple to explain on a scientific calculator - although most have an "NPV" button, the method of entry may vary.
I recommend you open up a Microsoft Excel spreadsheet, then in the search window on the upper right hand side, enter "Mortgage amortization." Click on one of the sample mortgage downloads. It will prompt you to enter the amount, interest rate, number of years, starting date, and it will return to you the monthly payment and the interest. Its a very useful tool and MUCH easier to use than a scientific calculator. Good luck
2007-02-25 14:50:36 · answer #1 · answered by michaeltaylor0331 2 · 0⤊ 0⤋
Multiply 100000 by .065
2007-02-25 06:49:12 · answer #2 · answered by Beau D. Satva 5 · 0⤊ 0⤋