How do I multiply how much go to principal and how much to interest?
So I have an ancient planner ( dont converse to her long story) that know of a formula where on earth you could determine how much would budge to the principal and how much to interest. I know you divide the APR by 365 to determine your day after day interest rate but I cant amount out the rest. Does anybody know how?
Answers:
Look at your statement... :)
Multiply your total stability that you owe by your interest rate, divide it by twelve. That's your interest. the rest of your monthly transfer of funds is principal.
Example: $10,000 stability * 7% (.07) = $700.00/12 = $58.33
If your money is $198 - $58.33 = $139.68 towards principal.
Put "mortgage calculator" into your browser.
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Answers:
Look at your statement... :)
Multiply your total stability that you owe by your interest rate, divide it by twelve. That's your interest. the rest of your monthly transfer of funds is principal.
Example: $10,000 stability * 7% (.07) = $700.00/12 = $58.33
If your money is $198 - $58.33 = $139.68 towards principal.
Put "mortgage calculator" into your browser.