Does anyone know where on the web I can find factor tables to calculate interest on loans?
by Author on Sunday, July 4th, 2010 | 4 Comments
I am looking to find factors for 24% rate loans for short periods of 5 years or less
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Do not let the beginiing of this site fool you, the main part is what you need.
http://www.cut-the-knot.org/arithmetic/interest.shtml
For your purposes, use PRT (principal X Rate X Term) = interest) /2 , or use 1/2 the APR.
It’s not exact, but it comes very close.
It does not work for Discount interest, only Add-on or simple.
bankrate.com has lots of fun little computers for all sorts of calculations (loans/investments/debt/etc).
This is what I use:
http://www.creditorweb.com/creditcards/tools/payoffcalculator.aspx