These are the scenarios:
$6,000 loan is taken out.
$215.97 is paid every month on a 4 year term
Another one:
$10,000 loan
$323.42 is paid every month on a 4 year term
Do these rates sound good? How is the interest? Does anyone know if this is a good deal or not?
I'm clearly still half asleep-
Assuming a 4 year term, compounded annually- the first scenario is about 17% interest.
UGH. Can't find the right button on my financial calculator.
17%? How did you work that out?
Lil Me wrote:
I'm clearly still half asleep-
Assuming a 4 year term, compounded annually- the first scenario is about 17% interest.
UGH. Can't find the right button on my financial calculator.
Go here: [a href="vny!://www.bankrate.com/brm/popcalc2.asp"]vny!://www.bankrate.com/brm/popcalc2.asp[/a]
Or here: [a href="vny!://mortgages.interest.com/content/calculators/index.asp"]vny!://mortgages.interest.com/content/calculators/index.asp[/a]
ah, TB...too easy. I'm still working on the manual calc with a pencil.
Neither. *hands over winning lottery ticket to purelife*
I went there as well (the links that TB put up - thanks) but I don't know how to calculate my interest.
This is all I have for sceneario one.
$215.97 X 48 (# of payments) = $10,366.56
So, $10, 366.56 minus $6,000 = $4,366.56
From there, I don't know how to calculate how much interest they are charging me. This bank is already making $4,366.56 in profit on this 4 year loan. I just wanted to know if this was a good rate?
ADD: The guy told me that it was based on a 2.49% interest rate but that doesn't sound right...
you are paying 30% and 23% respectively
Hey 49er! How did you calculate that? (without aid of internet)
30% and 23%...these rates are wayyy too high! Geeshus, the guy told me something else.!
shhh! I was still working on it. I'm determined to finish this.,
purelife wrote:
Hey 49er! How did you calculate that? (without aid of internet)[/DIV]
I would have to dig out my old engineering economy textbook to explain...........easier to go to one of the web aids (above) and plug in approx interest rates to come closest to your payment
[H1]Monthly Payment Calculator[/H1]
[TABLE class=tableChart cellSpacing=0 cellPadding=0 width=400 align=center border=0] [TBODY] [TR] [TD align=right height=52]Loan Amount:[/TD] [TD align=left bgColor=#eeeeee height=52] $ [INPUT maxLength=12 size=12 value=6000 name=loan][/TD][/TR] [TR] [TD align=right height=52]Interest Rate:[/TD] [TD align=left bgColor=#eeeeee height=52] [INPUT maxLength=12 size=12 value=30 name=interest] %[/TD][/TR] [TR] [TD align=right height=52]Term:[/TD] [TD align=left bgColor=#eeeeee height=52] [INPUT maxLength=2 size=2 value=4 name=term] years[/TD][/TR] [TR] [TD align=middle colSpan=2 height=52][INPUT class=button type=submit value=Calculate][/TD][/TR][/TBODY][/TABLE] [TABLE style="BORDER-RIGHT: #cccccc 1px solid; BORDER-TOP: #cccccc 1px solid; BORDER-LEFT: #cccccc 1px solid; BORDER-BOTTOM: #cccccc 1px solid" cellSpacing=0 cellPadding=0 width=400 align=center border=0] [TBODY] [TR] [TD style="PADDING-RIGHT: 10px; PADDING-LEFT: 10px; PADDING-BOTTOM: 10px; PADDING-TOP: 10px" align=right width="48%" bgColor=#eeeeee]Monthly Payment: [/TD] [TD style="PADDING-RIGHT: 10px; PADDING-LEFT: 10px; PADDING-BOTTOM: 10px; PADDING-TOP: 10px" align=middle width="52%" bgColor=#eeeeee][FONT size=+1]$216.04[/FONT][/TD][/TR][/TBODY][/TABLE]
[!-- the search rates and preapp buttons --] [DIV class=mboxDefault style="DISPLAY: block; VISIBILITY: visible"] [P align=center][A class=button href="vny!://www.eloan.com/s/show/quoteinput?sid=Jla_GflFmNy8mkj2uyAAtC0vbvc&user=&mcode="]Search Rates[/A] [A class=button href="vny!://www.eloan.com/loanadvisor/input1?sid=Jla_GflFmNy8mkj2uyAAtC0vbvc&user=&mcode="]Apply Now[/A]
[SCRIPT language=DOH!script1.2] mboxCreate('calc_payment_buttons','user=','mcode=','sid=Jla_GflFmNy8mkj2uyAAtC0vbvc'); [/SCRIPT] [DIV id=mboxMarker-calc_payment_buttons style="DISPLAY: none; VISIBILITY: hidden"] [SCRIPT language=DOH!Script]mboxs["calc_payment_buttons"].startTimeout(15000);[/SCRIPT] [SCRIPT language=DOH!Script src="vny!://mbox4.offermatica.com/m2/eloan/mbox/standard?mbox=calc_payment_buttons&user=&mcode=&sid=Jla_GflFmNy8mkj2uyAAtC0vbvc&mboxCount=1&mboxHost=www.eloan.com&mboxSession=1176490547562-163900&mboxPC=1170807393015-885986&mboxPage=1176492441296-768280&mboxXDomain=enabled&mboxURL=vny!%3A//www.eloan.com/s/payment%3Fsid%3DJla_GflFmNy8mkj2uyAAtC0vbvc%26user%3D%26mcode%3D&mboxReferrer=vny!%3A//www.eloan.com/s/payment/calc_payment%3Fsid%3DJla_GflFmNy8mkj2uyAAtC0vbvc%26user%3D%26mcode%3D&mboxVersion=23"][/SCRIPT]
[DIV style="DISPLAY: none; VISIBILITY: hidden"][i-frame src="jvascript:false;" width=0 on-load="mboxActivateById('calc_payment_buttons')" height=0][/i-frame]
[P align=center]These calculations are estimates and are not guaranteed for any particular loan.
Are these rates normal, 49er?
I plugged in that 30% interest rate but got a monthly amount of something totally different:
[TABLE cellSpacing=0 cellPadding=0 width="100%" bgColor=#dadfe4 border=0] [FORM name=Calculator action="" method=get target=_self] [TBODY] [TR] [TD align=left colSpan=2] [TABLE cellSpacing=0 cellPadding=0 width="100%" border=0] [TBODY] [TR] [TD class=compare_rates_form_text_small vAlign=center align=left bgColor=#4b76a2 height=20][FONT face="Verdana, Arial, Helvetica, sans-serif" color=#ffffff size=2]Loan calculator and amortization[/FONT] [/TD][/TR][/TBODY][/TABLE][/TD][/TR] [TR bgColor=#dadfe4] [TD bgColor=#dadfe4 colSpan=2] [TABLE cellSpacing=5 cellPadding=0 width="100%" border=0] [TBODY] [TR] [TD align=left width="38%"]Loan amount[/TD] [TD align=left width="62%"]$ [INPUT onchange=amort.clearPayment(); size=9 value=6000.00 name=loanAmount] [INPUT onclick=helpText(this) type=button value=" ? " name=loanAmountHelp] (Do not use commas.)[/TD][/TR] [TR] [TD align=left width="38%"]Loan term in years or months [/TD] [TD align=left width="62%"] [INPUT onchange="this.form.nrOfMonths.value = Math.round(12 * parseFloat(this.value)); amort.clearPayment();" size=4 value=6.00 name=nrOfYears] [INPUT onclick=helpText(this) type=button value=" ? " name=nrOfYearsHelp] years or [INPUT onchange="this.form.nrOfYears.value = parseFloat(this.value) / 12; amort.clearPayment();" size=3 value=72 name=nrOfMonths] months[/TD][/TR] [TR] [TD align=left width="38%"]Interest rate [SPAN class=body-bold]*[/SPAN][/TD] [TD noWrap width="62%"] [INPUT onchange=amort.clearPayment(); size=4 value=30.00 name=interestRate] [INPUT onclick=helpText(this) type=button value=" ? " name=interestRateHelp] % per year [/TD][/TR] [TR align=left] [TD class=body-bold noWrap colSpan=2]* Find the [A href="vny!://www.bankrate.com/brm/rate/brm_loansearch.asp?groupid=79"]best interest rates in your area[/A] for more personalized results.[/TD][/TR] [TR] [TD align=left width="38%"]Loan start date [/TD] [TD noWrap width="62%"] [SCRIPT language=DOH!Script] document.write(dateSelector('start')); [/SCRIPT] [SELECT onchange=amort.clearPayment(); name=startMonth] [OPTION value=0]Jan[/OPTION] [OPTION value=1]Feb[/OPTION] [OPTION value=2]Mar[/OPTION] [OPTION value=3 selected]Apr[/OPTION] [OPTION value=4]May[/OPTION] [OPTION value=5]Jun[/OPTION] [OPTION value=6]Jul[/OPTION] [OPTION value=7]Aug[/OPTION] [OPTION value=8]Sep[/OPTION] [OPTION value=9]Oct[/OPTION] [OPTION value=10]Nov[/OPTION] [OPTION value=11]Dec[/OPTION][/SELECT] [SELECT onchange=amort.clearPayment(); name=startDay] [OPTION value=1]1[/OPTION] [OPTION value=2]2[/OPTION] [OPTION value=3]3[/OPTION] [OPTION value=4]4[/OPTION] [OPTION value=5]5[/OPTION] [OPTION value=6]6[/OPTION] [OPTION value=7]7[/OPTION] [OPTION value=8]8[/OPTION] [OPTION value=9]9[/OPTION] [OPTION value=10]10[/OPTION] [OPTION value=11]11[/OPTION] [OPTION value=12]12[/OPTION] [OPTION value=13 selected]13[/OPTION] [OPTION value=14]14[/OPTION] [OPTION value=15]15[/OPTION] [OPTION value=16]16[/OPTION] [OPTION value=17]17[/OPTION] [OPTION value=18]18[/OPTION] [OPTION value=19]19[/OPTION] [OPTION value=20]20[/OPTION] [OPTION value=21]21[/OPTION] [OPTION value=22]22[/OPTION] [OPTION value=23]23[/OPTION] [OPTION value=24]24[/OPTION] [OPTION value=25]25[/OPTION] [OPTION value=26]26[/OPTION] [OPTION value=27]27[/OPTION] [OPTION value=28]28[/OPTION] [OPTION value=29]29[/OPTION] [OPTION value=30]30[/OPTION] [OPTION value=31]31[/OPTION][/SELECT], [SELECT onchange=amort.clearPayment(); name=startYear] [OPTION value=1985]1985[/OPTION] [OPTION value=1986]1986[/OPTION] [OPTION value=1987]1987[/OPTION] [OPTION value=1988]1988[/OPTION] [OPTION value=1989]1989[/OPTION] [OPTION value=1990]1990[/OPTION] [OPTION value=1991]1991[/OPTION] [OPTION value=1992]1992[/OPTION] [OPTION value=1993]1993[/OPTION] [OPTION value=1994]1994[/OPTION] [OPTION value=1995]1995[/OPTION] [OPTION value=1996]1996[/OPTION] [OPTION value=1997]1997[/OPTION] [OPTION value=1998]1998[/OPTION] [OPTION value=1999]1999[/OPTION] [OPTION value=2000]2000[/OPTION] [OPTION value=2001]2001[/OPTION] [OPTION value=2002]2002[/OPTION] [OPTION value=2003]2003[/OPTION] [OPTION value=2004]2004[/OPTION] [OPTION value=2005]2005[/OPTION] [OPTION value=2006]2006[/OPTION] [OPTION value=2007 selected]2007[/OPTION] [OPTION value=2008]2008[/OPTION] [OPTION value=2009]2009[/OPTION] [OPTION value=2010]2010[/OPTION] [OPTION value=2011]2011[/OPTION] [OPTION value=2012]2012[/OPTION] [OPTION value=2013]2013[/OPTION] [OPTION value=2014]2014[/OPTION] [OPTION value=2015]2015[/OPTION] [OPTION value=2016]2016[/OPTION] [OPTION value=2017]2017[/OPTION][/SELECT] [/TD][/TR] [TR] [TD width="38%"] [DIV align=center][INPUT class=imgover onclick="amort.doAmortization('form')" type=image height=16 width=75 src="vny!://www.bankrate.com/images_MRA/buttons/calculatebutton.gif" value=Calculate border=0 name=Submit] [/DIV][/TD] [TD vAlign=top width="62%"] [DIV align=left]Monthly Payments: $ [INPUT size=6 value=180.50 name=monthlyPayment] [INPUT onclick=helpText(this) type=button value=" ? " name=monthlyPaymentHelp] [/DIV][/TD][/TR] [TR] [TD align=middle colSpan=2][INPUT type=submit value="Show/Recalculate Amortization Table" name=showAmort] [INPUT onclick=helpText(this) type=button value=" ? " name=amortizationHelp] [/TD][/TR][/TBODY][/TABLE][/TD][/TR][/TBODY][/FORM][/TABLE]
[!--start calculator--] [TABLE cellSpacing=0 cellPadding=0 width="100%" bgColor=#dadfe4 border=0] [FORM name=Calculator action="" method=get target=_self][INPUT type=hidden value=216.0359627425312 name=unroundedPayment] [TBODY] [TR] [TD align=left colSpan=2] [TABLE cellSpacing=0 cellPadding=0 width="100%" border=0] [TBODY] [TR] [TD class=compare_rates_form_text_small vAlign=center align=left bgColor=#4b76a2 height=20] [FONT face="Verdana, Arial, Helvetica, sans-serif" color=#ffffff size=2]Loan calculator and amortization[/FONT] [/TD][/TR][/TBODY][/TABLE][/TD][/TR] [TR bgColor=#dadfe4] [TD bgColor=#dadfe4 colSpan=2] [TABLE cellSpacing=5 cellPadding=0 width="100%" border=0] [TBODY] [TR] [TD align=left width="38%"]Loan amount[/TD] [TD align=left width="62%"]$ [INPUT onchange=amort.clearPayment(); size=9 value=6000.00 name=loanAmount] [INPUT onclick=helpText(this) type=button value=" ? " name=loanAmountHelp] (Do not use commas.)[/TD][/TR] [TR] [TD align=left width="38%"]Loan term in years or months [/TD] [TD align=left width="62%"] [INPUT onchange="this.form.nrOfMonths.value = Math.round(12 * parseFloat(this.value)); amort.clearPayment();" size=4 value=4.00 name=nrOfYears] [INPUT onclick=helpText(this) type=button value=" ? " name=nrOfYearsHelp] years or [INPUT onchange="this.form.nrOfYears.value = parseFloat(this.value) / 12; amort.clearPayment();" size=3 value=48 name=nrOfMonths] months[/TD][/TR] [TR] [TD align=left width="38%"]Interest rate [SPAN class=body-bold]*[/SPAN][/TD] [TD noWrap width="62%"] [INPUT onchange=amort.clearPayment(); size=4 value=30.00 name=interestRate] [INPUT onclick=helpText(this) type=button value=" ? " name=interestRateHelp] % per year [/TD][/TR] [TR align=left] [TD class=body-bold noWrap colSpan=2]* Find the [A href="vny!://www.bankrate.com/brm/rate/brm_loansearch.asp?groupid=79"]best interest rates in your area[/A] for more personalized results.[/TD][/TR] [TR] [TD align=left width="38%"]Loan start date [/TD] [TD noWrap width="62%"] [SCRIPT language=DOH!Script] document.write(dateSelector('start')); [/SCRIPT] [SELECT onchange=amort.clearPayment(); name=startMonth] [OPTION value=0]Jan[/OPTION] [OPTION value=1]Feb[/OPTION] [OPTION value=2]Mar[/OPTION] [OPTION value=3 selected]Apr[/OPTION] [OPTION value=4]May[/OPTION] [OPTION value=5]Jun[/OPTION] [OPTION value=6]Jul[/OPTION] [OPTION value=7]Aug[/OPTION] [OPTION value=8]Sep[/OPTION] [OPTION value=9]Oct[/OPTION] [OPTION value=10]Nov[/OPTION] [OPTION value=11]Dec[/OPTION][/SELECT] [SELECT onchange=amort.clearPayment(); name=startDay] [OPTION value=1]1[/OPTION] [OPTION value=2]2[/OPTION] [OPTION value=3]3[/OPTION] [OPTION value=4]4[/OPTION] [OPTION value=5]5[/OPTION] [OPTION value=6]6[/OPTION] [OPTION value=7]7[/OPTION] [OPTION value=8]8[/OPTION] [OPTION value=9]9[/OPTION] [OPTION value=10]10[/OPTION] [OPTION value=11]11[/OPTION] [OPTION value=12]12[/OPTION] [OPTION value=13 selected]13[/OPTION] [OPTION value=14]14[/OPTION] [OPTION value=15]15[/OPTION] [OPTION value=16]16[/OPTION] [OPTION value=17]17[/OPTION] [OPTION value=18]18[/OPTION] [OPTION value=19]19[/OPTION] [OPTION value=20]20[/OPTION] [OPTION value=21]21[/OPTION] [OPTION value=22]22[/OPTION] [OPTION value=23]23[/OPTION] [OPTION value=24]24[/OPTION] [OPTION value=25]25[/OPTION] [OPTION value=26]26[/OPTION] [OPTION value=27]27[/OPTION] [OPTION value=28]28[/OPTION] [OPTION value=29]29[/OPTION] [OPTION value=30]30[/OPTION] [OPTION value=31]31[/OPTION][/SELECT], [SELECT onchange=amort.clearPayment(); name=startYear] [OPTION value=1985]1985[/OPTION] [OPTION value=1986]1986[/OPTION] [OPTION value=1987]1987[/OPTION] [OPTION value=1988]1988[/OPTION] [OPTION value=1989]1989[/OPTION] [OPTION value=1990]1990[/OPTION] [OPTION value=1991]1991[/OPTION] [OPTION value=1992]1992[/OPTION] [OPTION value=1993]1993[/OPTION] [OPTION value=1994]1994[/OPTION] [OPTION value=1995]1995[/OPTION] [OPTION value=1996]1996[/OPTION] [OPTION value=1997]1997[/OPTION] [OPTION value=1998]1998[/OPTION] [OPTION value=1999]1999[/OPTION] [OPTION value=2000]2000[/OPTION] [OPTION value=2001]2001[/OPTION] [OPTION value=2002]2002[/OPTION] [OPTION value=2003]2003[/OPTION] [OPTION value=2004]2004[/OPTION] [OPTION value=2005]2005[/OPTION] [OPTION value=2006]2006[/OPTION] [OPTION value=2007 selected]2007[/OPTION] [OPTION value=2008]2008[/OPTION] [OPTION value=2009]2009[/OPTION] [OPTION value=2010]2010[/OPTION] [OPTION value=2011]2011[/OPTION] [OPTION value=2012]2012[/OPTION] [OPTION value=2013]2013[/OPTION] [OPTION value=2014]2014[/OPTION] [OPTION value=2015]2015[/OPTION] [OPTION value=2016]2016[/OPTION] [OPTION value=2017]2017[/OPTION][/SELECT] [/TD][/TR] [TR] [TD width="38%"] [DIV align=center][INPUT class=imgover onclick="amort.doAmortization('form')" type=image height=16 width=75 src="vny!://www.bankrate.com/images_MRA/buttons/calculatebutton.gif" value=Calculate border=0 name=Submit] [/DIV][/TD] [TD vAlign=top width="62%"] [DIV align=left]Monthly Payments: $ [INPUT size=6 value=216.04 name=monthlyPayment] [INPUT onclick=helpText(this) type=button value=" ? " name=monthlyPaymentHelp] [/DIV][/TD][/TR] [TR] [TD align=middle colSpan=2][INPUT type=submit value="Show/Recalculate Amortization Table" name=showAmort] [INPUT onclick=helpText(this) type=button value=" ? " name=amortizationHelp] [/TD][/TR][/TBODY][/TABLE] [TABLE cellSpacing=5 cellPadding=0 width="100%" border=0] [TBODY] [TR] [TD background=/images_MRA/bevel_line.gif colSpan=2][img height=2 src="vny!://www.bankrate.com/images_MRA/spacer.gif" width=1][/TD][/TR] [TR] [TD]Extra Payments[/TD][/TR][/TBODY][/TABLE][/TD][/TR][/TBODY][/FORM][/TABLE]
UGH. I derived the correct formula:
Future Value = 6,000 + 6,000x (assuming an annual compound, not monthly)
and so on... using the previous Future Value as the starting principal
But by the 4th iteration, I can't be bothered to untangle the quadratic.
Purelife.......you're using 6 years instead of 4 years in the calcs
oh shoot! I typed in 6 years rather than 4 years. Second pair of eyes is good!
This loan guy is ripping me off. GRRR!
purelife wrote:
Are these rates normal, 49er? [/DIV]
these rates are almost illegal!
Gawd, 30% and 23%...freaking HIGH for an interest rate!
That's what I thought. Credit cards are at 20%. Geeshus, I'm going to find out how in the heck did this guy quote me that!
ADD: Thanks and blesses to you all. :)
purelife wrote:
That's what I thought. Credit cards are at 20%. Geeshus, I'm going to find out how in the heck did this guy quote me that!
ADD: Thanks and blesses to you all. :)[/DIV]
you're better off at a credit union for personal loans if your company has one
How about a loan from the Bank of Mom and Dad? They don't charge percentages. Usually.
that's not happening, pl's parents aren't the 'normal, loving' parents type.
Hi Purelife,
I'll throw in my 2 cents worth. Anytime someone quotes you a rate, make sure it is qouted as an Annual Percentage Rate (APR) not monthly.
A CA I know won't take out a loan. He swears it better to get a line of credit and use that as needed. It is cheaper than a loan if you put as much money back on it as soon as possible, even if it is only monthly because they only charge you interest on what is outstanding.
Cheers ad good luck.
I was going to make you a low interest loan 'til I saw your morning comment re. dating
Will the Bank of Mom & Dad cosign a Line of Credit?
Mine is currently at 8.75% (TD Canada Trust- unsecured LOC). It's a personal LOC that we use for business because the banks don't willingly fork over small business loans for operating capital.
great minds think alike Sawdust. Just read your post.
i doubt it.
49er wrote:
I was going to make you a low interest loan 'til I saw your morning comment re. dating
LOL You would be an exception, my dear. So, how about that loan? ;)
Oh, and thank you all for your help. I've blessed you all (and probably again). :))
Ok, I'm going to try with my credit union since our company has a relationship together. :))
I'm SO EXCITED. My bank has approved me for my debt consolidation.
*jumps for joy* Time to celebrate!
Congratulations! Happiness is being able to sleep better at night!!!