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Fill in Values for Total Amount, Deposit, Interest Rate, Years. Do NOT use ", $ or %" Commas, Dollar Signs, Percent Signs.... Select Dollars or Percent for Deposit. Then Click on the Calculate Results Button. Click on the Table Button to Display the Monthly Payment Results. Note: Percents are Actual - 5% = 5 not .05 Cost per Hour is: *Based on 40 hrs/week - 160 hrs/month Calculated as: ((Principle + Total Interest) / (Years * 12)) / 160 What is Simple interest ? A Principle Payment is Calculated by taking the Principle and Dividing that by the number of months on the contract. Each Month the interest on the remaining Principle is Calculated. This interest is added to your Principle Payment, and this becomes Your Total Payment for that month. This is the reason your monthly Payment Decreases over the term of the Contract. Over the life of the Contract your total incurred Cost will be Less than that of conventional Financing. You can also Pay Down The Principle without penalty and further increase you overall savings. |