Posted by Brent_IL on July 04, 2003 at 18:11:44:
Posted by Brent_IL on July 04, 2003 at 18:11:44:
Figuring interest only - Posted by Leap of Faith
Posted by Leap of Faith on July 03, 2003 at 20:15:11:
If I borrowed $65K for 12% from a private lender and the deal was to pay interest only for 24-36 months(when property is refi’d)how would I go about figuring the interest payment. Is there a formula that is a good rule of thumb?
Re: It was a long time ago - Posted by Ed Copp (OH)
Posted by Ed Copp (OH) on July 04, 2003 at 09:01:22:
When I was in the fourth grade. That is where this simple math was taught back then. No offense intended, but what are they teaching now?
One more thing 12% is very reasonable for short term, private money.
Re: Figuring interest only - Posted by Anne_ND
Posted by Anne_ND on July 03, 2003 at 21:02:00:
$65,000 x .12 = 7800
7800/12 = monthly payment of $650
Re: It was a long time ago - Posted by js-Indianapolis
Posted by js-Indianapolis on July 05, 2003 at 18:28:15:
Looks like they’re not teaching it anymore. Check this; we’ve got another here: http://www.creonline.com/wwwboard/messages/77809.html
Unreal. I think I just missed the crap that education is now. I got a little of it. I got out right after the NEA boycotted orange juice because Rush Limbaugh did a commercial for it. That didn’t help my education out any.
I dropped out of high school, and went to college. I got a GED. Let me tell you, the basic requirements to graduate high school should be knowledge before you are a freshman. It’s that simple. I kid you not, on one of the major skills tests (the ones that everyone now claims are unfair to minorites, and anyone else who can’t pass) I took in HS had this question, exactly.
Bill’s grandfather is 852 months old. How old would he me in years? (12 months=1 year)
I swear, they added the “(12 months=1 year)”. I was offended.
Then, in college, I was shocked to see some of my friends taking basic algebra classes. Things I learned in 8th grade, and freshman year, they were learning in a University. Apparently, you can graduate from HS, if you pass pre-algebra as a senior. Unreal.
I plan on going back to HS someday, as a teacher. Probably not for the next 10 or 20 years, as I haven’t saved enough to do that. My goal is to make personal finance a required course, not an elective. I took it as an elective, my senior year. Learned amazing concepts like balancing a checkbook, and alphabetizing things in files. Maybe I was special, just by 18 years old, I had made some money, and used a checkbook. What’s even more amazing though, some people get out of high school and really do lack those skills. And no where in the course did they teach you the first thing about buying a house.
Maybe I should look to teach 8th grade.
When is that book coming out…? - Posted by JT-IN
Posted by JT-IN on July 04, 2003 at 10:05:12:
Titled… “When Ed Copp was in the 4th Grade”.
That would be a top seller on creonline… and in SE Ohio, for sure. You are right Ed… the teaching of these very general, but highly useful bits of math, are unfortunately lost in the dumbing down of our education system… it seems.
This is hoping Ed Copp and oters are having a beautiful and celebrated 4th of July…
Re: Figuring interest only - Posted by js-Indianapolis
Posted by js-Indianapolis on July 03, 2003 at 23:59:29:
I always take I/12*P
12 divided by 12 months = 1% times $65K equals $650.
Same thing, but is simpler in my mind.
Re: When is that book coming out…? - Posted by Brian Powers(MI)
Posted by Brian Powers(MI) on July 04, 2003 at 13:28:42:
the liberal minions of the NEA are too busy trying to teach lesson plans that discuss 9/11 without using the word “terrorist”, “islam”, or “saudi”.
who has time for writing, reading and arithmatic.
one of the major forces that drives me to create a successfull full time RE business is that my chldren will be taught by me, and not some history revisionist.
Happy Birthday America…let freedom ring!
Re: Figuring interest only - Posted by Leap of Faith
Posted by Leap of Faith on July 04, 2003 at 06:55:20:
Thanks guys. I was hoping I was doing it incorrectly. $650/mo seems like a lot for an interest only payment. I’m trying to see if I can work a deal where I take a house sub2 with a $49k balance and get a private money lender for the equity. I would repay the PML when the T/B refinances. Any other suggestions?
Re: When is that book coming out…? - Posted by Kristine-CA
Posted by Kristine-CA on July 05, 2003 at 01:17:18:
Brian: I homeschool my kids. But everyone gets revisionist history lessons, no matter who the teacher is. While my version of WWII includes the Holocaust, there are plenty of homeschool families teaching something different.
The number one reason, in this parent’s opinion, to teach your kids is for the bonding it allows families and for the joy watching your children grow brings. The “education” is a drop in the bucket (and hardly takes any time at all).
And creative real estate is good for kids. It is good for kids to see all the things it takes to run a business and to be self-employed on a day to day and hourly basis. It’s good for parents to see how kids are doing on a day to day and hour to hour basis. A win-win if you ask me.
Find a new strategy - Posted by Nate(DC)
Posted by Nate(DC) on July 05, 2003 at 12:47:37:
That won’t work, because the private lender is almost certainly not going to want to be in second position behind the existing first.