Muddybulldog

Commodore ROM BASIC; 1980

Project much?

Interest deduction… meaning not 8% anymore. It doesn’t change the math, it changes the rate.

Not sure how zip code factors into “simple arithmetic” but you do you.

No, it’s not.

You’re rationale that 8% of 300,000 = 24,000 therefore $2,000/mo., by dumb luck, comes close at 8%.

• 12% of 300,00 = 36,000/12 = 3,000; actual is $3085/mo
• 8% of 300,000 = 24,000/12 = 2,000; actual is $2200/mo (not $2025)
• 4% of 300,000 = 12,000/12= 1,000; actual is $1432/mo
• 2% of 300,000 = 6,000/12 = 500; actual is $1108/mo
• 0% of 300,000 = 0/12 = 0; actual is $833/mo

It’s algebra, not arithmetic.

P = (r * A) / (1 - (1 + r)^(-n))

where:

• P is the monthly payment
• A is the loan amount
• r is the monthly interest rate (APR/12)
• n is the total number of payments

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