Total Interest Paid
Who can help me calculate the total amount of interest?
I am buying a property which is worth Rs. 230,000. I am making a downpayment of Rs. 50,000. The interest rate is 13% p.a. and the period of instalments is 5 years.
Can anyone give me a formula how to calculate
1. Total amount of interest i would be paying in 5 years.
2. The formula how to calculate interest amount.
3. EMI’s i would be paying for the next 5 years.
Determining payment amount on items which compound interest is extremely complicated. When I took my Finance and Banking class in college, they told me just to use a calculator.
Anyways, here is what trusty Microsoft Excel came up with:
Total Interest: $63,733
Payment : $4095.55 (60 Months)
Interest is a simple calculation, you take your carrying amount multiplied by the periodic interest rate.
For payment 1, you have a carrying amount of $180,000 (230,000-50,000 down payment). 13% divided by 12 months is approx .010833333%/month. So $180k *.010833333 = $1950 interest.
Carrying amount for payment 2 would be calculated as follows
180,000 Beg Amt
1,950 Interest
<4,096> PMT (Rounded)
————–
177,854 Principle owed for PMT 2
Then you start the whole process over again.
Excel and this calculator I linked make the process a lot easier and quicker. Good luck!
Free Special Report: Total Interest Paid
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About the Author:
Emman Lijesta from GooZor.com, is an Electronics engineer by profession and also runs a grocery store and Internet Cafe in his home town. He loves to blog and study SEO.
Article Source: ArticlesBase.com – Paid-to-click (ptc)
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