- Joined
- Mar 20, 2002
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PLEase confirm this formula.
(Total cost for Four years)(percentage rate) + (total cost for four years)
divided by
240 payments(20 years) = monthly payment
i.e.
(200,000)(.08) + (200,000)= 216,000
216,000/ 240= $900 per month.
Right?
(Total cost for Four years)(percentage rate) + (total cost for four years)
divided by
240 payments(20 years) = monthly payment
i.e.
(200,000)(.08) + (200,000)= 216,000
216,000/ 240= $900 per month.
Right?