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  #1  
Old 03-08-2003, 09:01 PM
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bob bob is offline
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Figuring Out Payment

How do figure out a loan payment using a handheld calculator? Principal, intrest, and length (months). Please give an example.
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If you choked a Smurf, what color would it turn?

I'd give my right hand , if I could be ambidextrous!
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  #2  
Old 03-08-2003, 10:26 PM
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1st Class Lawns 1st Class Lawns is offline
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Bob,
I don't know how to post a link but, do a search for (coastalfcu.org) Coastal Federal Credit Union. Put your mouse on "Mortgage Center" , a drop down menu will appear. Click on mortgage calculator.
I hope this helps.
James
1st Class Lawn Service
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  #3  
Old 03-08-2003, 10:44 PM
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bob bob is offline
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Quote:
Originally posted by 1st Class Lawns
Bob,
I don't know how to post a link but, do a search for (coastalfcu.org) Coastal Federal Credit Union.
Did you acually read my post?
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Bob

If you choked a Smurf, what color would it turn?

I'd give my right hand , if I could be ambidextrous!
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  #4  
Old 03-08-2003, 11:16 PM
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1st Class Lawns 1st Class Lawns is offline
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Bob,
Sorry,
I did read your post. I guess I couldn't believe what I was reading was true.
Good luck figuring a amortization schedule on a calculator. That has probably not been done in years.

James
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  #5  
Old 03-08-2003, 11:20 PM
ABM ABM is offline
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Lets say you have a loan for $1000.00 (principle) over 1 year (leangth) at 20% (interest rate).

Take the interest rate (.20) and divide it by 12 to get the monthly interest rate... .01666666 (for ease we'll call it .016 or 1.6% per month.)

Multiply the principle amount (1000) by the monthly interest rate (1.6%) to get the monthly interest amount..... $16.00

Take the principle amount (1000) and divide by 12 to get the principle payment amount..... $83.33

Take this (83.33) and add the interest amount (16.00) to get your monthly payment... $99.33



Hope this helps
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  #6  
Old 03-09-2003, 10:23 AM
lsylvain lsylvain is offline
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Kay here you go. Trust me this is the right way to do it. (I'm almost a CPA)

Pmt = Principle / ( ( 1 - ( 1 / ( 1 + (APR / 12))^#months))/(APR/12)

EG.

$10000 Principle
6% APR
36 months

The best way to go about it if figure your monthly rate first
=.06/12 = .005

Add 1 to that = 1.005

raise that to the number of months 1.005^36 = 1.196680525

then divide 1 by that number 1/1.196680525 = .835644919

then subtract that # from 1 = 1 - .835644919 = .164355081

then divide that number by the monthly rate

.164355081 / .005 = 32.87101624

Then divide the principle by that number

10000 / 32.87101624 = 304.23 per month

hope this helps.

You could probable also find a chart on the net try searching for
"present value of an annuity" just divide the principle by the number in the chart.

Also if you have excel or Works. goto insert:function:financial and there will be a function that calculates your payment for you. Just make sure you use a monthly interest rate and not the yearly or your payment will be astronomical.


Hope this helps
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  #7  
Old 03-09-2003, 03:14 PM
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bob bob is offline
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Quote:
Originally posted by lsylvain


raise that to the number of months 1.005^36 = 1.196680525

I don't understand this sentence.
Does that mean 1.005 to the 36th power?
If so , can I do that on a normal calculator?
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Bob

If you choked a Smurf, what color would it turn?

I'd give my right hand , if I could be ambidextrous!
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  #8  
Old 03-09-2003, 03:54 PM
dougaustreim dougaustreim is offline
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Almost every banks web site has a calculator for this as do most home financial software packages.

When it is so easy to find a computer calculator to do if for you, why make it difficult.


Doug
Austreim Landscaping
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  #9  
Old 03-09-2003, 05:45 PM
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Quote:
Originally posted by dougaustreim


When it is so easy to find a computer calculator to do if for you, why make it difficult.


I have no problem finding web sites with built in calculators. I need to figure out some equations in the field. My computer won't reach must past the desk that it sits on!
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Bob

If you choked a Smurf, what color would it turn?

I'd give my right hand , if I could be ambidextrous!
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  #10  
Old 03-09-2003, 06:25 PM
Jon99 Jon99 is offline
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Buy yourself a PDA and the software....
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