needsomehelp
New member
- Joined
- Apr 3, 2015
- Messages
- 3
I am given this information in my loan docs. I cannot for the life of me figure out how the resulting "Finance Charge" was calculated? Please help
Inputs:
Amount Financed: $997,500
Finance Charge (prepaid):$2,500
Note Amount:$1,000,000
Interest: 6%/360 days
Payments: 11 (eleven)
Results:
APR = 6.616%
Finance Charge: $32,916.64
Total Payments:$1,030,416.64
Inputs:
Amount Financed: $997,500
Finance Charge (prepaid):$2,500
Note Amount:$1,000,000
Interest: 6%/360 days
Payments: 11 (eleven)
Results:
APR = 6.616%
Finance Charge: $32,916.64
Total Payments:$1,030,416.64