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URL:https://www.learndesk.us/class/6271362765160448/lesson/44456e8059566c539f00405d636863d5?ref=outlook-calendar
SUMMARY:Interest Rate, Principal and Payment
DTSTART;TZID=America/Los_Angeles:20260527T190000
DTEND;TZID=America/Los_Angeles:20260527T200000
LOCATION:https://www.learndesk.us/class/6271362765160448/lesson/44456e8059566c539f00405d636863d5?ref=outlook-calendar
DESCRIPTION: Caveat
Interest rates in mortgage financing apply to the annual interest payment and exclude principal payments. Remember to convert annual payments to monthly or vice versa as the question requires, and to exclude principal payments from your calculations.
Formulas: Payment = Principal x Rate Principal = Payment ÷ Rate Rate = Payment ÷ Principal
Examples: 1. A borrower has a $100,000 loan @ 6% interest. What are the annual and monthly payments?
Annual payment = $100,000 x .06 = $6,000 Monthly payment = $6,000 ÷ 12 = $500
2. A borrower has a $500 monthly payment on a 6% loan. What is the loan principal? Principal = ($500 x 12) ÷ 6% = ($6,000 ÷ .06) = $100,000
3. A borrower has a $500 monthly payment on a $100,000 loan. What is the loan rate? Rate = ($500 x 12) ÷ $100,000 = ($6,000 ÷ 100,000) = .06 = 6%

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