Somebody with a finacial calculator...

[de8212]

I have tried 2 different finacial calculators and gottentwo different results.

Can someone do me a quick favor and see what they get.

Amount is $5,783. Interest @ 5.25% for 36 months.

thanks.

de

 

[kranky]

Don't know exactly what information you want but anyway:

Monthly payment: $173.97
Total of payments: $6,262.98
Total interest paid: $479.98

 

[de8212]

Originally posted by: kranky
Don't know exactly what information you want but anyway:

Monthly payment: $173.97
Total of payments: $6,262.98
Total interest paid: $479.98

That's perfect kranky. That's one of the results I got but the other one was higher. in the mean time I went and found a third one that corresponds with what you posted.

thank you.

 

[WildHorse]

You can get slightly different answers depending on hows you set a couple of inputs, like
whether interest compounding is continuous or a simple annual rate / 12,
and whether payment is at beginning or at end of each period.

Example of slightly different results between:

..........................................Payment at start..............................Payment at end
...........................................of each period................................of each period

HP Financial calculator:.............$173.21........................................$173.97

Bank calculator:.......................$175.79.......................................$176.72

edit: A real accurate financial calculator for de8212

 

[de8212]

The one calc. I used was about $8.00 higher than the other two. That was about another $200 or so to the loan amount.
Thanks for the explanation Scott. I'll take a look at the link.

 

[Blieb]

go to http://www.dinkytown.net

and use their auto calculator ...

 

[oznerol]

Originally posted by: de8212
I have tried 2 different finacial calculators and gottentwo different results.

Can someone do me a quick favor and see what they get.

Amount is $5,783. Interest @ 5.25% for 36 months.

thanks.

de

Um, do it by hand?

A = P(A/P i n)

This is why management degrees bother me.

 

[de8212]

Originally posted by: ducci

Originally posted by: de8212
I have tried 2 different finacial calculators and gottentwo different results.

Can someone do me a quick favor and see what they get.

Amount is $5,783. Interest @ 5.25% for 36 months.

thanks.

de

Um, do it by hand?

A = P(P/A i n)

This is why management degrees bother me.

There is a reason for calculators. It's easier and quicker especially when you have to change the months, interest rate or total amount.
I appreciate the math lesson but I'm good now.