Fixed Rate Loan Example
Example 3: A traditional 30
year, fixed rate loan in the amount of $100,000 at 6% interest,
will cost you right at $600 per month. So if you borrow $800,000, your
payments are 8 x $600 = $4800 per month (you can, in
like manner, do a quick calculation for a loan of any multiple of $100,000
at 6%). Note this payment is for principle and interest only, and it doesn’t
change for 30 years.
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