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apps
Guest
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Post subject: insttalment |
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| if i take Rs. 50000 on loan and return it in twelve installment of Rs. 5000 per month. than what will rate of interest? |
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smithsussane
Joined: 18 Sep 2008
Posts: 3738
Location: Alaska
561.45 Dollars($)
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Post subject: |
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Hi apps!
Welcome to Forums!
You can calculate the daily simple interest by following the method mentioned in the following link:
http://www.mortgagefit.com/discuss/dailysimpleinterest-loancalculation .html
However, it will be better that you consult the lender from whom you have taken the loan to calculate the interest for you.
Feel free to ask if you have further queries.
Sussane |
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kapri
Guest
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Post subject: daily simple interest |
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| i have an equity loan with a principal balance of $22,180 at 8.24% interest rate rate. the monthly payment is $197.07. i have $500.00 extra monthly apply to the principal. the question that i have is would it be recommended to pay a certain amount daily, weekly, bi-weekly or monthly. i don't want to say what i think that is what has led me to submit my question but will be greatly appreciative to receive suggestion or opinion from someone who went through this and made it through without going crazy. |
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jerry
Moderator
Joined: 17 Oct 2005
Posts: 1778
Location: MICHIGAN
266.03 Dollars($)
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Post subject: |
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Hi kapri!
Is it a interest only loan that you are speaking about? If it is an interest only loan, then you can definitely make the payments towards the principal on a monthly basis provided there is no pre-penalty clause attached to the loan.
Thanks,
Jerry |
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evi
Guest
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Post subject: interest rates |
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| can you tell me the interest rate at the end of August 2008 |
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casper
Guest
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Post subject: auto loan |
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| daily intrest on a balance of $5,114.53 in a thirty day cycle |
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Niicss
Joined: 03 Oct 2005
Posts: 2620
Location: New Jersey
409.63 Dollars($)
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Post subject: |
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Hi,
To evi,
It is very surprising to me as to why you want to know the interest rate of August 2008. It will be better if you can explain your question. Do you want to know the current interest rates?
To casper,
I suppose if you Google with "Auto loan daily interest calculators" you will get calculators which will help you in calculating the daily interest.
Thanks.
_________________
Good is the Enemy of Great. |
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unkown
Guest
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Post subject: mortgage loans and compounding interest |
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| I am starting to wonder if different banks compound differently. In otherwards some compound daily and others monthly. The interest we paid this month was calculated by a monthly interest rate of 6.875% But I wanted to calculate how much I was paying daily so I can see what I would save with bi-weekly. Do all banks compound daily interest with mortgages |
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jameshogg
Joined: 20 Dec 2005
Posts: 4291
Location: nevada
509.34 Dollars($)
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Post subject: |
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Hi Guest,
You can contact your lender and check with them whether they calculate the interest monthly or daily. As far as I know, the mortgage interests are calculated on a monthly basis. Check out the following calculator to know how much you can save with the help of a Bi-weekly loan payment:
http://www.mortgagefit.com/calculators/biweeklypayment-saveinterest.ht ml
Thanks |
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Confused
Guest
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Post subject: Daily Simple Interest |
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| Have you ever heard of a car loan being Daily Simple interest |
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Guest
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Post subject: |
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| In a simple interest loan, you pay interest only on the original principal of the loan. There are lenders who may offer you car loans on a simple interest. |
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john h
Guest
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Post subject: daily simple interest |
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| why would anyone want to have a simple interest mortgage? what is advantage to homeowner to the mortgage company? |
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smithsussane
Joined: 18 Sep 2008
Posts: 3738
Location: Alaska
561.45 Dollars($)
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Post subject: |
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Hi john h!
Welcome to forums!
In a simple interest mortgage, if you make blended payments before the due date, then the total amount of interest over the life of the loan will be lower than a traditional mortgage. However, a simple interest mortgage usually offers no grace period.
Feel free to ask if you've further queries.
Sussane |
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annerbell
Guest
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Post subject: simple interest loans |
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| smithsussane please explain what u mean by blended payments. I have a simple interest loan at 10.75 % with a balance of 28,000. I'm trying to send extra payments but they won't apply to principle only. i'm getting no where quick. anyone please give me pointers. thanks |
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smithsussane
Joined: 18 Sep 2008
Posts: 3738
Location: Alaska
561.45 Dollars($)
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Post subject: |
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Hi annerbell!
Welcome to forums!
Blended Payment is a repayment scheme where the mortgage payment includes both the principal and interest throughout the term of the loan. You can speak to your lender and check out if he can give you such a repayment scheme.
Feel free to ask if you've further queries.
Sussane |
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