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Post# of 704041
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extelecom

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Re: Smart_Money post# 72931

Thursday, 02/06/2003 11:00:23 AM

Thursday, February 06, 2003 11:00:23 AM

Post# of 704041
Sm, A mortgage loan is not Simple Interest... An auto loan is more like simple interest although they screw you using rule of 78...
Mortgage loan calc is:
http://mathforum.org/library/drmath/view/54623.html

Rule of 78:
http://www.pine-grove.com/pi09003.htm

You should always check with the Mortgage Co. / Bank to see how they handle early payoffs, they are not all the same...

JMO


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