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Figuring Out Payment

Discussion in 'Business Operations' started by bob, Mar 8, 2003.

  1. hosejockey2002

    hosejockey2002 LawnSite Bronze Member
    Posts: 1,195

    I don't think there is a simple way to figure out payments on a handheld calculator unless it has that specific function. Here's a link to an amortization chart
    you can print out and take with you.http://www.newhomes-homesites.com/Financing/loancalculator.htm If you search around the net you might find a better one. Hope this helps.
     
  2. drobson

    drobson LawnSite Member
    Posts: 237

    I think I would just buy a mortgage calculator and then use that in the field. They are not that expensive, certainly much less than a PDA. Unless of course you already have a PDA, then I'd go that route.
     
  3. lsylvain

    lsylvain LawnSite Senior Member
    Posts: 777

    it is hard to do on a cheapo wal-mart calcutlator yes. but if you just by a calculator with a y^x function ( to the power of as you put it) thats all you need. Cost about $15

    Do you have excell or works on your computer?

    They both have a payment function on them.

    The formula looks like this

    PMT(Principle,Rate,Term)

    Again on a calculator

    Payment = Principle * (1 - ( 1 / (1 + i )^n)) / i

    Where " i " = the monthly interest rate
    and " n " = the number of months for the loan

    You can do this on you computers calculator program also.
     
  4. AK Lawn

    AK Lawn LawnSite Member
    Posts: 186

    PRT
    1000x.05x6/12
    1000= principle
    .05= rate, interest
    6/12 =time , in this case 1/2 year
     
  5. muddstopper

    muddstopper LawnSite Silver Member
    Posts: 2,342

    I got a free copy of "Financial Eight Rate Mortgage Tables" at my local bank. The books breaks down the percentage rates and princible into monthly payments nessecary to amortize a loan. Beats trying to figure it out on a calculator, faster to. The book I have goes from 7% to 18%, I am sure there are other books that cover more % rates.
     
  6. adrianvbarrera

    adrianvbarrera LawnSite Member
    Posts: 163

    Do you want to do simple interest or compounded interest?

    The answers you are getting .....some are for simple interest others are for compunded interest.




    Adrian
     

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