I don't want the calulators but I'm asking if there is a method to calculate loans without having to use the long equation.
2007-09-06 13:23:45 · 4 answers · asked by GT-R 2 in Business & Finance ➔ Personal Finance
If you now the loan balance, interest rate, and payment amount, you can determine the principle and interest components in the next payment as follows:
Interest = Balance * Interest rate / 12. (assuming monthly payments)
Principle = Payment - Interest.
New Balance = Old Balance - Principle.
If this is not what you want, some form of calculator is the only answer I can give.
2007-09-06 13:49:12 · answer #1 · answered by STEVEN F 7 · 1⤊ 0⤋
honey, why would you even want to do that by hand?
Go to www.dinkytown.net There are over 200 free financial calculators and several mortgage calculators so you can plug in all kinds of variables. If you really still don't want to do that, there are little cheat-sheet books that print out it all for various term lengths and interest rates.
2007-09-06 20:31:58 · answer #2 · answered by Anonymous · 0⤊ 0⤋
http://www.realdata.com/ds/amort2.shtml
I checked it... it was off only $0.05 after 3 years (which could be rounding differences)
2007-09-06 20:32:01 · answer #3 · answered by Leah 4 · 0⤊ 0⤋
i usually use an excel spreadsheet
2007-09-06 20:31:46 · answer #4 · answered by Anonymous · 0⤊ 0⤋