Math Relating to Real Estate Financing
A. Parts of the problem: (1) Loan Amount, (2) Monthly P/I payments, (3) Interest Rate B. Example: Loan balance is $75,525 at 13% interest with the monthly payment being $855 PI. What is loan balance remaining after one month's payment has been made? Step 1: Determine Annual Interest $75,525 x .13 = $9,818.25 Step 2: Determine Monthly Interest ................
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