#1




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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Bob If you choked a Smurf, what color would it turn? I'd give my right hand , if I could be ambidextrous! 
#2




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 
#3




Quote:
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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! 
#4




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 
#5




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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If it's worth doing, it's worth doing right! 
#6




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 
#7




Quote:
Does that mean 1.005 to the 36th power? If so , can I do that on a normal calculator?
__________________
Bob If you choked a Smurf, what color would it turn? I'd give my right hand , if I could be ambidextrous! 
#8




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 
#9




Quote:
__________________
Bob If you choked a Smurf, what color would it turn? I'd give my right hand , if I could be ambidextrous! 
#10




Buy yourself a PDA and the software....

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