Can someone please check my math? - Posted by Carey_PA

Posted by JPinPA on October 29, 2000 at 14:17:23:

Carey,

My hi-tech calculator comes up with 10.067 months so I would use the K.I.S.S. method. Trying to explain the .067 in the 11th month to a buyer may become difficult and confusing (not to mention the math involved lol).

If you round down to 10 payments the monthly amount would be \$201.28 for a total of \$2,012.80.

If you round up to 11 payments the monthly amount would be \$183.93 for a total of \$2,023.23.

11 payment might be a little more attractive to the buyer and will net you a few more bucks.

Hope this helps.

JPinPA

Can someone please check my math? - Posted by Carey_PA

Posted by Carey_PA on October 29, 2000 at 13:25:33:

Hey gang,

I just got an offer from someone and I’m trying to figure out their payments. Now I know I’ve done this before, BUT it’s been a little while I want to make sure I’m not screwing myself.

Price of the home: \$2500 (hey I got it for free and it’s a dump)

Downpayment: \$600
Payments: \$200/month
Interest Rate: 12.75 %
Now I calculate that the number of payments is for: 10.06 so, that would mean 10 payments of \$200 right? Somehow, it’s just not making sense to me today. Please someone correct me if I’m wrong, or just reassure me if I’m right.

Thanks,

CAREY

Re: Can someone please check my math? - Posted by Dan

Posted by Dan on October 29, 2000 at 23:34:09:

Carey, You are correct. Balance of \$1900 @ 12.75 for 10 Mo. is \$201.28 to be exact, but who is going to argue over \$1.28 a month?? If you’re selling “as is” it’s all profit anyway…Good Luck…Dan

I agree. - Posted by Sean

Posted by Sean on October 29, 2000 at 18:05:26:

Suggest you spread it out over 11 months like JPinPA suggested. Don’t try to work in fractions of months.