Examples
1) You want to borrow $10,000 at 10 per cent interest for 4 years. What is the monthly payment?
Answer
Click the PAYMENT button, input the amounts, click calculate and the answer is $253.63 per month.
2) You can afford to pay $900.00 per month for a loan. If the loan is 8% and for 15 years, what is the maximum amount you can borrow?
Answer
First click the AMOUNT button, enter the 3 amounts, click calculate and your answer should be $94,176.53.
3) You can afford to pay $1,500.00 per month for a 7% loan of $150,000. How many years do you need to pay off this loan?
Answer
Click the YEARS button, input the amounts, click calculate and the answer is 12.543 years.
4) You can afford monthly payments of $1,700.00 for a 30 year loan of $250,000.00. What is the maximum rate you can afford to pay?
Answer
Click the RATE button, input the amounts, click calculate and the answer is 7.217 per cent. |
