Okay, I have an assignment due TOMORROW in English using an amortization calculator and I have absolutely no clue what to do.. He gave us the website of the calculator to use (http://www.bretwhissel.net/cgi-bin/amortize) and he said that we have to come with a minimum of 15 years interest rate and then we have to write a page paper on what we did.. I’m so lost! All I need to know is what to enter in what field.. Like i’m pretty much doing a mortgage because a car won’t be enough.. Help please!
Do you mean an interest rate amortized over 15 years?
If so, you enter 180 months (which is 15 years) where it says number of regular payments. 360 months is 30 years.
The principal – is the principal amount of the loan, the amount that is being borrowed.
Payments per year- defualt is 12 – that is how many payments you want to have per year. If it is monthly then it would be 12.
Annual interest rate- default is 8% – what ever percentage you would like to chose unless there is a certain percent he told you to work with.
Number of regular payments – this would be years to months. so if you want 15 years… you enter 180 months.
If you want a Ballon payment at the end. Where at the end of the term you have a huge payment, then enter it there.
Payment amount- when you enter in all the rest of the fields, this field calculates automactically.
After the it has calculated it show you the total amount of payments that would be paid over the course of time. It breaks up how much interest will be paid and the principal and interest together.
Do you mean an interest rate amortized over 15 years?
If so, you enter 180 months (which is 15 years) where it says number of regular payments. 360 months is 30 years.
The principal – is the principal amount of the loan, the amount that is being borrowed.
Payments per year- defualt is 12 – that is how many payments you want to have per year. If it is monthly then it would be 12.
Annual interest rate- default is 8% – what ever percentage you would like to chose unless there is a certain percent he told you to work with.
Number of regular payments – this would be years to months. so if you want 15 years… you enter 180 months.
If you want a Ballon payment at the end. Where at the end of the term you have a huge payment, then enter it there.
Payment amount- when you enter in all the rest of the fields, this field calculates automactically.
After the it has calculated it show you the total amount of payments that would be paid over the course of time. It breaks up how much interest will be paid and the principal and interest together.
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