APR on my HELOC does not calculate as I think it should. Why? - formula to calculate cfm for kitchen hood fan
The basic formula for a loan of $ 40k in April to 8.75% for the period of payment of interest only call = (40,000 291.67/month x 0875) / 12 months = $ but I pay $ 330.17/month in April What am I missing?
See also the website of Bank of America, that 40K $ 283/month to say, but also say, the fees of 7.25%.
Is not it = (40000 *. 075) / 12 months = 250/month? 283/month not a 40k loan of 8.5% interest?
http://www.bankofamerica.com/loansandhomes/index.cfm?template=lc_home_equity_loc
Something missing in the calculation of royalties, or hiding something, I do not understand. Any help is welcome.
Tuesday, January 26, 2010
Formula To Calculate Cfm For Kitchen Hood Fan APR On My HELOC Does Not Calculate As I Think It Should. Why?
2 comments:
(1) Bank of America is right.
I followed your link to your website. After the release in April (to 6.99%, during my visit to the site) there is a link "has been assumptions. Click the "hypothesis" and you get a pop-up window that different APR for different states. The note is correctly shows the payments $ 283 per month at 8.49% APR and $ 258 effective at 7.74% APR.
(2) With regard to his own case, you can not use the APR for your state?
(3) To answer your other question: the calculation of compensation the payment of interest that is correct. It is so easy.
HELOC rate is variable. If you are sure that the APR is 8.75% correct rate for the period, the question that interests you, you communicate with your lender and explain how it has come at the monthly rate of $ 330.17 in April 9905%! We can therefore say what the cause of the discrepancy.
Their calculations assume that interest is hampered, as a rule, this is not the case. 8% annual interest rate of 8 / 12 = 0.6667% per month.
Payment would be pretty close to the amount of capital and interest payments (and not interest-only) pay a monthly payment of $ 330.17 $ 40K@8.75% to 24.65 years.
Post a Comment