PARADE Magazine | 30-year loan rates hit record low 4.85 percent
Here is a new Post at PARADE Magazine | 30-year loan rates hit record low 4.85 percent.
30-year loan rates hit record low 4.85 percent. Interest rates on 30-year mortgages dropped to the lowest level on record this week, adding another incentive for home buyers to leap back into the market. Few in the industry, however, …
Here is a response on similar topic:-
loan rates?
The formula I found for this is:
P = Cr(1 + r)?/[(1 + r)? - 1]
where C is the amount of the loan ($9600), r is the interest rate, and n is the number of months (5 × 12 = 60).
Again with the interest rate, to make it realistic, you don't mean that it's 6.2% compounded monthtly. You mean that it's 6.2% annually, compounded monthly, which makes the actual monthly interest rate 6.2%/12 = 0.51666666667%.
P = $9,600(0.0051666666667)(1 + 0.0051666666667)^60/[(1 + 0.0051666666667)^60 - 1]
P = $186.49 per month
Which means that, after 60 months, she will have actually paid:
$186.49 × 60 = $11,189.34
on her initial loan of $9,600.
FYI, here is a list of recently published Posts on same topic:-
Mortgage Rates Fall to Record Lows
How to Use the Internet to find the Best Rates for Loans
Follow the Simple Rules to Home Ownership
The Mortgage Loan Problem ?????
Highest Paying Keywords of Google Adsense
I though that might be of interest 
Here is a news article on related topic:-
30-year loan rates hit record low 4.85 percent
It's also nearly 2 percentage points off last year's peak of 6.63 percent, amounting to consumer savings of about $225 per month on a $200000 loan. Rates …
