Basic Interest
interest = principal times the rate time time
10% = 0.1
I=5000.00*30*0.1 =15,000
763.89
That depends if you are looking to write the whole number 5,000,000 as a percent or 5 millionths as a percent. The percent form of 5,000,000 is 5000000.00, while 5 millionths of something would be 0.0000002.
In the first case you will get 1+3%*5 = 1.15 times the capital. In the second, you will get 1+0.25%*5 = 1.0125 times the capital
Simple interest would be 1040
Simple interest would be 360
677.00
1900
At 75% interest and no other variables, the payment would be $5,625.00 per month. <><><> However, if you meant 7.5% (a more realistic interest rate) principal and interest would amount to 629.29 oer month. Add to that taxes and insurance.
how would a balloon payment effect interest on a loan
763.89
100,000,000 at 5% would earn 5,000,000 intrest.
That depends if you are looking to write the whole number 5,000,000 as a percent or 5 millionths as a percent. The percent form of 5,000,000 is 5000000.00, while 5 millionths of something would be 0.0000002.
The type of loan would need to be a consideration but the down payment would be about $200.
In the first case you will get 1+3%*5 = 1.15 times the capital. In the second, you will get 1+0.25%*5 = 1.0125 times the capital
The amount of the interest payment depends on two things which are, the loan amount and the interest rate. Normally, if your payment is set up to pay interest only then the amount of the payment would be the total amount of interest earned in one month.
I don't think there is a such a thing as an average mortgage payment on any given dollar amount. The principal and interest payment depends on several factors besides the loan amount, primarily the interest rate and loan term(length of the loan). To keep it simple, a 130,000 mortgage at 4.5% for 30 years would be $658.69 for your principal and interest payment. If you could afford to do a 15 year loan, at the same interest rate, the monthly payment would be $994.49 and you would save nearly $60,000 in interest. If you change the interest rate, the payment could change significantly also.
Either the monthly payment would have to increase or the period of the loan.