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Loan Calculator
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1) You want to borrow $3,000,000 at 1.99% monthly interest for 1 year. What is the monthly payment?
ANSWER: Click the PAYMENT? button, next input the AMOUNT=3000000, YEARS=1, RATE=1.99 corresponding, then click CALCULATE button and the answer is $283,504.60 per month.
2) You can afford to pay $900.00 per month for a loan. If the loan is 1.2% monthly
and for 15 years, what is the maximum amount you can borrow?
ANSWER: First click the AMOUNT? button, next enter YEARS=15, RATE=1.2, PAYMENT=900, then click CALCULATE button and your answer for the AMOUNT should be $66,238.69.
3) You can afford to pay $1,500.00 per month for a 0.5% monthly loan of $150,000.
How many years do you need to pay off this loan?
ANSWER: Click the YEARS? button, next input the RATE=0.5, PAYMENT=1500, AMOUNT=150000 corresponding, then click CALCULATE button and the answer is 11.581 years.
4) You can afford monthly payments of $1,700.00 for a 30 year loan of $250,000.00. What is the maximum rate you can afford to pay?
ANSWER: Click the RATE? button, next input the PAYMENT=1700, AMOUNT=250000, YEARS=30 corresponding, then click CALCULATE button and the answer for the RATE is about 0.60% monthly.
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