installments for 5 years and lot and agreed to pay the balance on monthly installments for 5 years at an interest rate of 15% coompunded monthly, what is the monthly installment in dollars, i just want to make sure of the calculation, how did you calculate it?
2007-07-18 15:36:34 · 4 answers · asked by haringmarumo 6 in Business & Finance ➔ Personal Finance
Try this Karl's Mortgage Calculator at:
http://jeacle.ie/mortgage/ .
I've used this web tool for years for "what-if" analysis for some of my real estate investments. Using the parameters you've stated, it looks like your monthly payment would be $4520.09 before taxes and insurance. Good luck!
2007-07-18 15:51:48 · answer #1 · answered by GenericMAWG 1 · 0⤊ 0⤋
Using a mortgage calculator on the Internet, I come up with a payment amount of $4282.19 per month for principal and interest. Did you really say a mortgage of $180,000, paying the balance on monthly installments for 5 years, at 15%? That's an outrageous interest rate!
2007-07-18 23:19:16 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
What? Are you for real?
15% compounded monthly is going to cost you a bloody fortune!
If you can't do the math, don't buy it
2007-07-18 22:43:37 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Do you have access to Excel?
If so, scan the help for such things as mortgage amortization.
There should be a formula there that will do it for you.
2007-07-19 00:39:34 · answer #4 · answered by VampireDog 6 · 0⤊ 0⤋