how much is one month’s interest a mortgage balance of$56940 at 8%annual interest rate ?
by Mortgage Rates on Sunday, October 3rd, 2010 | 5 Comments
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$56940 x .08 = $4555.20 divided by 12 (months) = 379.60
It’s fun to set up a spread sheet to do this automatically – pretty easy too.
(56940 X .08)/12= $379.6 per month
0.08(56940)/12 = 379.6
1.5%
To get a better idea you should use a mortgage calculator like the one at http://www.maracal.com