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Financial Services - Bond Calculator
| CALCULATE YOUR BOND |
" . $error . "
\n"); $form_complete = false; } ?>
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The down payment = The price of the home multiplied by the percentage down divided by 100 (for 5% down becomes 5/100 or 0.05)
R = R X ( / 100) |
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The interest rate = The annual interest percentage divided by 100
= % / 100 |
| The monthly factor = The result of the following formula: |
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The monthly interest rate = The annual interest rate divided by 12 (for the 12 months in a year)
= / 12 |
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The month term of the loan in months = The number of years you've taken the loan out for times 12
Months = Years X 12 |
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The montly payment is figured out using the following formula:
Monthly Payment = * ( / (1 - ((1 + )-())))
The amortization breaks down how much of your monthly payment goes towards the bank's interest, and how much goes into paying off the principal of your loan. |
Amortization For Monthly Payment: R" . number_format($monthly_payment, "2", ".", "thousands_sep") . " over " . $year_term . " years
\n"); print("
| Month |
Interest Paid |
Principal Paid |
Remaining Balance |
| " . $current_month . " |
R" . number_format($interest_paid, "2", ".", "thousands_sep") . " |
R" . number_format($principal_paid, "2", ".", "thousands_sep") . " |
R" . number_format($remaining_balance, "2", ".", "thousands_sep") . " |
| Totals for year " . $current_year . " |
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\n"); print("\t\t\tYou will spend R" . number_format($total_spent_this_year, "2", ".", "thousands_sep") . " on your house in year " . $current_year . "
\n"); print("\t\t\tR" . number_format($this_year_interest_paid, "2", ".", "thousands_sep") . " will go towards INTEREST
\n"); print("\t\t\tR" . number_format($this_year_principal_paid, "2", ".", "thousands_sep") . " will go towards PRINCIPAL
\n"); print("\t\t |
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\n"); } ?> |
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