Accounting


Accounting Forum

AccountingCoach.com is the world's largest free online accounting course.


Not signed in (Sign In)

Categories

Vanilla 1.1.7 is a product of Lussumo. More Information: Documentation, Community Support.

Welcome Guest!
Want to take part in these discussions? If you have an account, sign in now.
If you don't have an account, apply for one now.

General Accounting Discussions: How to calculate monthly payments?

Bottom of Page

1 to 3 of 3

  1.  
  1.  
    Hi! I know nuts about accounting. That's why I'm posting this question for accounting gurus.

    Suppose I take a $500,000 housing loan. The loan is for 30 years and the interest rate is 6% per year. How much money do I have to pay the bank per month? I took $500,000 X 1.06 / 360 = $1472.22 but I think it's wrong.

    Please help. Thanks.
    • CommentAuthormacc2101
    • CommentTimeJun 20th 2007
     
    Yes, you have some more things to enter. For example you will need to know your property taxes and hazard insurance if you want to get to the nitty gritty. Also, did you put any money down. that will need to be figured. Do you have a mortgage agent. Most agents would help you just be calling. Try that as well. You need an amortization chart and a lot of mortgage sites, or just calculation sites can offer that for free. Try www.capedfcu.org
  3.  
    I agree with the macc 2101!
    you explained it in a good passion!

1 to 3 of 3

  1.  



 

Why AccountingCoach.com?

the accounting coach

AccountingCoach.com is designed to help people without an accounting background easily understand accounting concepts at no cost.


By investing thousands of hours, we have created clear and concise accounting information for both business people and students of all ages.


We understand how difficult accounting can be. That's why we have ensured that each accounting topic includes a clear explanation, reinforcing drills, Q&A, puzzles, dictionary of terms, etc.


Read 1,440 Visitor Testimonials



What's on AccountingCoach.com?