# Figuring Out Payment

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

1. ### hosejockey2002LawnSite Bronze Memberfrom Auburn, WAMessages: 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. ### drobsonLawnSite Memberfrom Woburn, MAMessages: 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. ### lsylvainLawnSite Senior Memberfrom Sarasota/Bradenton, FLMessages: 778

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.

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

5. ### muddstopperLawnSite Silver Memberfrom transition zoneMessages: 2,341

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. ### adrianvbarreraLawnSite Memberfrom Dallas TexasMessages: 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.