| Mortgage Calculation Question |
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Cheque2Cheque
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| Mortgage Calculation Question |
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What is the formula for calculating mortgage interest?
I tried the following, but for some reason this is over by ~$3.00/week according to my banks amortization calculator.
Principle * Yearly Interest rate /365 days*7 days - Payment = Balance
What am I doing wrong?
Thanks!
 c2c
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Tue Jul 04, 2006 2:58 pm |
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efflandt
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First you need to know if that interest is APR or some other rate. Then you need to know whether it is compounded daily or weekly.
If compounded daily, it is a bit more complicated. And technically a year might be considered 365.25 days (to include leap years).
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Wed Jul 05, 2006 1:53 am |
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No-Brainer
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| Easier |
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Why not just turn on another stream of income per Robert Allen and direct it to your debt so you won't care what the rate is when it drops like a stone. All the extra money will go right to the principal and the effective interest rate will be cut drastically over the term.
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Mon Aug 07, 2006 12:08 am |
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go2self
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No Brainer - you are right about interest rates not being the primary cost of a debt. The term or lenght of the debt is the real cost multiplier.
But why not multiple streams of income applying the Bill Gates, Rupert Murdoch, Michael Jordan or Oprah Winfrey models of success.
Time is our most volatile resource that if not used immediately is lost instantly
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Mon Aug 07, 2006 2:31 am |
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No-Brainer
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quote:
Originally posted by go2self
No Brainer - you are right about interest rates not being the primary cost of a debt. The term or lenght of the debt is the real cost multiplier.
But why not multiple streams of income applying the Bill Gates, Rupert Murdoch, Michael Jordan or Oprah Winfrey models of success.
The simple reason there are not Bill Gates knockoffs all over is because that's not easy to do. Adding $20 or $30 to your income stream with today's Internet is something within anyones grasp that has a way to get online, even at the library.
Easiest Path to Grow Your Income For Free
Free Crypto Pays Compound Interest DAILY!
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Mon Aug 07, 2006 6:01 am |
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go2self
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Let me clarify 'models'
Bill Gates - licensing and placement
Rubpert Murdoch - content distribution
Michael Jordan - endorsements from talent
Oprah Winfre - electronic magazine tv media
it is very possible to get 20 -30 added to monthly income using any one of those.
oh yeah the Van Andel / Rich DeVos would be one that may be of interest.
just in case you did not know they created the consumer distributor model called A****
Time is our most volatile resource that if not used immediately is lost instantly
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Tue Aug 08, 2006 12:50 am |
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No-Brainer
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| No mystery |
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quote:
Originally posted by go2self
Let me clarify 'models'
Bill Gates - licensing and placement
Rubpert Murdoch - content distribution
Michael Jordan - endorsements from talent
Oprah Winfre - electronic magazine tv media
it is very possible to get 20 -30 added to monthly income using any one of those.
oh yeah the Van Andel / Rich DeVos would be one that may be of interest.
just in case you did not know they created the consumer distributor model called A****
I am quite familiar with the models you refered to and still feel they are beyond the grasp of most of the visitors to this Forum, of course that is only my opinion.
I hardly think it's necessary to set up a licensing and distribution system to make $20 when all you need to do is grab a resell product and put it up on a website.
When I need further clarification, I'll jerk your chain.
Easiest Path to Grow Your Income For Free
Free Crypto Pays Compound Interest DAILY!
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Tue Aug 08, 2006 6:31 am |
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No-Brainer
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quote:
Originally posted by go2self
but selling 5000 items will require some sort of distribution system and licensing gives someone else that responsibility, for a cut of course.
I can only speak to my personal experiences, but as a little guy I simply used Ebay. They provide all the distribution I need. A website to display my products, instant payment through PayPal integrated into the system, digital delivery while I am off doing other things and an address to send my follow-up thank-you emails to.
Sure they take a cut, a huge 3 cents a month per item and $15 for the store. They add a fee for each sale but I honestly don't remember what it is, it's so small.
Could this system handle 5,000 units? Absoultely, hands down. I'm doing about 200 a month without a strain.
Does that explain where I'm coming from a little better?
Easiest Path to Grow Your Income For Free
Free Crypto Pays Compound Interest DAILY!
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Wed Aug 09, 2006 6:20 am |
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go2self
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yes it does, that is exactly what i am talking about, nothing is beyond the grasp of the average reader here. only an investment in their own learning curve.
production or resale with ebay distribution, don't get me wrong, cash flow is cash flow, ebay is a great tool.
nightingale conent uses a similar model but they highlight personal presentations, seminars along with books and tapes.
Back on topic. Did you try taking the decimal point out to at least 3 places?
Five places would allow a very accurate 30 year calculation.
Time is our most volatile resource that if not used immediately is lost instantly
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Thu Aug 10, 2006 11:41 pm |
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