03-03-2017 10:40 AM
I have seen a lot of user help through Amortization on monthy payments, but I am confused about how to calculate weekly payments on the calculator. Any help would be appreciated.
If smith has a $75,000 mortgage at 7.5%, what will his weekly payments be if the loan is amortized over 15,20,25 years?
03-05-2017 11:19 PM
One issue here has to do with normal rates and effectives rates and the fact that there is 52 and 1/7th of a week per year. rates in I% are NOMINAL. This means that they are not the "real rate" that you pay but 12 times the monthly rate (thank the banking industry for having figured out that trick to tell you a smaller rate than the real one)...
So, even if, in theory, you could put P/YR at 52 and set your I% to 7.5%, you would need to be very careful and verify that this 7.5% is actually the correct value to put in.