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need help with formula for decreasing balance.?
I do not need this for homework. I am trying to find what your payments would be on a mortgage at different interest rates. I need the formula and an example of how you work it out. FOR EXAMPLE
5 Answers
- 1 decade agoFavorite Answer
Try Yahoo Finance, they have mortgage calculators and amoritization tables.
- AdiosLv 51 decade ago
A spreadsheet is the easiest way I know to build the information system that you want. You start with:
Principal (loan amount)
Interest rate: (6%)
Term (months)
Using a spreadsheet you plug the numbers in to give you the monthly payment amount. Remember to divide the interest rate by 12 to give the monthly equivalent since your using monthly payments.
Then you figure the interest portion of each payment and then subtract the principal portion (remainder) of the payment from the balance and repeat.
- I ♥ AUGLv 61 decade ago
Well, if you're just interested in the bottom line numbers, you can google "mortgage calculators" and plug in various numbers (principal, rate, term) and see what the payments will be.
- 1 decade ago
what you are looking for is an amortization table. Microsoft works has one and most spreadsheet applications have them as templates.
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