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Real Estate question regarding a 2nd note
Old 01-21-2005, 09:56 AM   #1
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Real Estate question regarding a 2nd note

Can I use a simple auto loan calculator to figure out what the payments would be if the seller carried the 2nd?

Example: according to Bankrate's auto calc,

a $100,000 loan at 4.0% with a 10-year term would come out to a $1012.45 monthly payment.

Is this right?

Thanks in advance.
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Re: Real Estate question regarding a 2nd note
Old 01-21-2005, 09:59 AM   #2
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Re: Real Estate question regarding a 2nd note

It is correct. Excel has the PMT function which can do the same thing for you.

Your question would look like this in Excel:

=PMT(4%/12,10*12,100000)
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