Please verify my math... - Posted by Jennifer(NH)


#1

Posted by Jennifer(NH) on October 19, 1998 at 15:27:42:

>

LOL, like Lonnie says we go to school to get our schooling, but we come here to get our education. I was a Math major and didn’t learn any of this while in school. Oh well.

I wish I could help you with the calculator. All I did was go to this site www.smartcalc.com/cgi-bin/smartcalc/HOM16.cgi/HLand and plugged in my numbers. I was hoping someone with a calculator would just verifiy the accuracy.

Jennifer

PS Thanks Mark


#2

Please verify my math… - Posted by Jennifer(NH)

Posted by Jennifer(NH) on October 19, 1998 at 13:28:38:

I have a 30 year fixed mortgage on $42,750 at 8.25% making my P&I payments $321.17

According to my calculations, if I make an additional monthly payment of $180 I will pay my mortgage off in 131 months.

Can anyone verify that the 131 months is correct.

Thanks

jennifer


#3

Re: Please verify my math… - Posted by Mr Donald (NORVA)

Posted by Mr Donald (NORVA) on October 19, 1998 at 17:47:09:

Results from my BA-35 Solar (!) Business Analyst calculator are as follows:

If you want to pay off in 131 months, you’d need to pay an additional $174.93 per month.

If you want to pay an additional $180.00 per month, you’ll pay off in 129 months (actually 128.87).


#4

Re: Please verify my math… - Posted by Sheik

Posted by Sheik on October 19, 1998 at 15:47:10:

Jenifer:

With an additional $180/mo (total $501.17) your
mortgage will be paid off in 129 months.
The last month’s payment will be $434.22.

-Sheik


#5

For the Calculator Challenged… - Posted by Randy

Posted by Randy on October 19, 1998 at 15:00:00:

…like me. Of all the many hours of math and business classes I had in college, not one tought me anything useful with numbers. Let alone anything that could give college students any kind of hope in the real world.

So with that off my chest…

How do you calculate this? I’ve got my hands on an HP-12c.


#6

Re: Please verify my math… - Posted by Mark R in KCMO

Posted by Mark R in KCMO on October 19, 1998 at 14:23:32:

Jennifer,

Additional payment of 180 for a total of 501.17, my calc shows 129 months. (ok ok it really shows 128.87 months)

Mark R in KCMO