![]() ReplyĪre you in the US? And are you speaking about the APR as defined by the Truth-in-Lending Act (Reg. This is because the extra 30 cents will be used to reduce the principal balance which will lower the interest due in the next period. One observation, however, the loan that has a 30 cent higher payment will cost the borrower slightly less than the loan with the lower payment, assuming the interest gets calculated between the two loans using the same method. That’s why the calculators on this site allow users to enter a payment the the calculators will create payment schedules with the right interest amounts calculated. A loan payment amount itself can be any amount that the lender and borrower agree on. If you agree in the interest, the 30 cents or so difference will be accounted for by rounding the last payment amount. What’s important is if you agree in the interest calculation. Are you saying the forms you are looking at calculated the payment amount and a loan calculator gives you a different result? That doesn’t really matter. Truth-in-Lending Act.Īs to your question, I don’t know how to answer it. ![]() Let me first say that this apr calculator on this site creates a printable truth-in-lending act disclosure statement that I have tested against every example in the U.S. ![]() It can be a useful tool whenever money is borrowed to purchase an item requiring a down payment. This auto loan calculator is not limited to solving car loan problems, of course. ![]() It calculates a mortgage payment of course but also the estimated appreciated value of the property and the potential income tax benefits of having a mortgage. Related: You may also like the Mortgage Calculator.
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