Loan Pro Lite | 9 | Infinity Softworks, Inc. |
Example
Home Mortgage
Problem: A client wants to buy a $200,000 home with 35% down and 7% interest. The loan is for 30 years. What is the monthly payment?
Solution: Tap the variable’s label or amount to enter information into the Input screen. The following should be entered:
Location | Entry | Comments |
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|
|
Clear… |
| Clear the display before starting |
Price | 200000 | The home’s price is $200,000 |
Down% | 35 | The client can put 35% down |
Int Rate | 7 | The yearly interest rate is 7.0% |
Loan Years | 30 | The loan is for 30 years |
The payment timing and interest compounding are assumed to be 12. When completed, calculate payment by tapping the “CPT” label to the right of the payment amount. The answer should be $864.89 per month.
Examples
