# I used my calculator for years.When I lost my job 3 yrs ago, I stopped using it. How do I calculate a monthly payment for \$100,000 at 7% interest rate over 360 months?

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If what you are saying is that you have to calculate 7% monthly from 100 \$ this means exactly \$7 for each month ..so you have to multiply 7 for one month with 360 months and the result will be \$2520 for all 360 ...unless it has some penalties to be calculated or something like that ..If the problem that you describe is accurate this is the answer..

Posted on Nov 06, 2010

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Posted on Jan 02, 2017

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## Related Questions:

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so 380,00000 X4/100 X 1 year
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so it can be 100 X 25% or 1/4(25/100) by the period (5 years or daily (1/365 of a year)
This is known as simple interest
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so for example 100 X 4/100 X 1/12 is the first calculation for the month and for the next month the calculation will be premium of 80 ( if a 20 payment was made in the month X 4/100 X 1/12 and so on if payment are made on time
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banks use compound when calculating home loan repayments and simple interest when paying interest on your deposits
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Hi there,

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8 I/Y ( 8% annual interest )
1 0 0 0 0 0 PV ( \$100,000 mortgage )
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Your result is for the 6.75% interest compounded monthly. The problem states that the interest is compounded semiannually. This makes a difference in the effective interest rate.

A 6.75% APR compounded semiannually gives an effective interest rate of about 6.864%:
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The present value of any future monthly (?) stream of payments stretching some 24 years into the future takes into account the time value of money and depends on the interest rate assumed to apply for each month throughout those 24 years.

There are formulae to calc this for an equal monthly payment and a constant interest rate, over the term but for a variable interest rate you need a spreadsheet.

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