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Question
When you are figuring monthly interest calculations, paying interest only on a loan, how do you figure?
for example: Borrowing $30,000.00 over 30 years paying 4.5% interest what would monthly interest only payment be?
Thanks:
Hi Randy,
The answer is $152.01.
The formula is M=(P*r*(1+r)^N)/((1+r)^N-1),
where P is the principal,
r is the monthly interest rate,
N is the number of payment periods.
For an explanation of this result, refer to [http://www.geocities.com/joshcameron_ae/Archive/Q0011.html].
Cheers.
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Josh
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When I work through problems, I like to emphasize concepts which I believe are worth noting. I will try to answer questions in the following areas, but not at the advanced level. Algebra. Sequences & Series. Trigonometry. Functions & Graphs. Coordinate Geometry. Quadratic Polynomials. Exponential & Logarithms. Basic Calculus. Probability, Permutation and Combination. Mathematical Induction. Complex numbers. Physics problems.
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I have worked as a teaching assistant in college. My hope is that more people will share knowledge without boundary, give help without seeking recognition or monetary rewards.
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Bachelor degree in Engineering Science
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