Wednesday, July 06, 2005
Suppose that one afternoon, you're wondering what the mortgage payment is on one of those monstrously huge houses. You know the type: tens of thousands of square feet, acres of grounds, cottages for the domestic help, and so on.
To calculate what you would pay on a 30-year, $5,000,000 mortgage if the money costs 7 percent, use the Quicken Loan Calculator:
Choose Planning, Financial Calculators, Loan to display the Loan Calculator dialog box.
Move the cursor to the Loan Amount text box and enter the loan amount.
Enter the annual interest rate in the Annual Interest Rate text box.
Move the cursor to the Number of Years text box and enter the number of years you want to take to repay the loan.
Indicate how many loan payments you plan to make a year in the Periods Per Year text box. For example, if you want to make monthly payments, type 12.
Quicken calculates the loan payment and displays the amount in the Payment Per Period field.
To get more information on the loan payments, interest and principal portions of payments, and outstanding loan balances, click the Schedule button, which appears on the face of the Loan Calculator dialog box. Quicken whips up a quick loan amortization schedule showing all this stuff.
To calculate what you would pay on a 30-year, $5,000,000 mortgage if the money costs 7 percent, use the Quicken Loan Calculator:
Choose Planning, Financial Calculators, Loan to display the Loan Calculator dialog box.
Move the cursor to the Loan Amount text box and enter the loan amount.
Enter the annual interest rate in the Annual Interest Rate text box.
Move the cursor to the Number of Years text box and enter the number of years you want to take to repay the loan.
Indicate how many loan payments you plan to make a year in the Periods Per Year text box. For example, if you want to make monthly payments, type 12.
Quicken calculates the loan payment and displays the amount in the Payment Per Period field.
To get more information on the loan payments, interest and principal portions of payments, and outstanding loan balances, click the Schedule button, which appears on the face of the Loan Calculator dialog box. Quicken whips up a quick loan amortization schedule showing all this stuff.
