Find monthly mortgage payments, when interest is compounded daily?!?
Looking to get a loan mortgage for a home, you think you can afford a loan of $ 150,000. The bank offers a nominal interest rate of 5% compounded every day in a 30-year loan. What are the monthly payments? and how much you pay for the duration of the mortgage? I know I = 5 / 365 to obtain the rate daily interest, but how to take part in 30. I do not know what equation to use or if I should use my credit card interest rate in class … help or advice is greatly appreciated!
Here there is a link to a calculator to compound interest. For your information sounds like a bad deal for me. Get an interest free loan simple. To compare the class to prove it! In simple interest calculator Google mortgage.
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