Excuse me if this is a silly question however i was just wondering how to work out repayments for an IO loan was the following
Pricipal X Interest Rate / Term
i am only looking at getting a rough figure to help with my costings thats all not a definate answer.
therefore using the above formula as an example.
$100000 X 7.00% / 20 years would be a $350 monthly repayment. is this correct or am i totally wronng.
thanks noxford
To be financially independent is no longer a dream, it is now a real life plan
$100,000- x 7% divide by 12 = $583.33
Financial Wellbeing Coach
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cool thanks kwilko too easy
To be financially independent is no longer a dream, it is now a real life plan
Hi Noxford,
Also keep in mind, the term of the loan has no bearing when calculating interest only repayments, cheers.Regards
Steven
Mortgage Broker
Mobile Mortgage Market[email protected]
http://www.mobilemortgagemarket.com.au
Ph:0402483216
Ph:1800 820 500
VICTORIAPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
yep thanks steven thought i was going wrong somewhere thanks again to both of you for your prompy relpies
To be financially independent is no longer a dream, it is now a real life plan
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