Few people in this world like to deal with numbers, and it’s ok if you’re not one of those. We’re going to leave the complicated math to the accountants and economists of the world, and give you a simple method of finding exactly how much interest you’ll pay when you’re given the rate and the loan amount.
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Hopefully this will calm some nerves out there when it comes to real estate purchases. It doesn’t have to be that scary! These tips will help you decide on ideal loan terms and balance your finances out before jumping head first into an investment.
Here are the formulas again for quick reference:
Yearly interest = Loan amount x Interest Rate
Monthly interest = Yearly interest / 12
Daily interest = Monthly interest / 30
