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Mortgage Calculation

  • 05-06-2012 10:11am
    #1
    ALEXII
    Registered Users, Registered Users 2 Posts: 7 ✭


    I am having a one sided conversation with a financial provider and his superior as to what the answer to the following question should be.

    How much should computed mortgage payments be, given the following parameters
    Outstanding Amount : €186,839.08
    Term : 20 Months
    Interest Rate : 4.95% per annum

    This is not a trick question!

    Anybody care to provide an answer? If so, thanks in advance and please briefly outline methodology used in computing the answer.
    Tagged:


Comments

  • #2
    maggy_thatcher
    Registered Users, Registered Users 2 Posts: 1,056 ✭✭✭maggy_thatcher


    ALEXII wrote: »
    I am having a one sided conversation with a financial provider and his superior as to what the answer to the following question should be.

    How much should computed mortgage payments be, given the following parameters
    Outstanding Amount : €186,839.08
    Term : 20 Months
    Interest Rate : 4.95% per annum

    This is not a trick question!

    Anybody care to provide an answer? If so, thanks in advance and please briefly outline methodology used in computing the answer.

    Do you really mean 20 months? That's quite an aggressive payment plan (in the region of €9,400 a month).

    EDIT - I went on to onus.ie and asked it:

    Monthly Payment: 9751.85
    Total Interest: 8197.92
    Total Amount Repayable: 195037.00


  • #3
    rameire
    Registered Users, Registered Users 2 Posts: 4,241 ✭✭✭rameire


    9,751.85

    open excel
    type
    =-pmt(4.95%/12,20,186839.08)

    🌞 3.8kwp, 🌞 Clonee, Dub.🌞



  • #4
    ALEXII
    Registered Users, Registered Users 2 Posts: 7 ✭ALEXII


    Hi maggy,

    20 months is correct

    Arises from coming off an interest only period.


  • #5
    dudara
    Registered Users, Registered Users 2 Posts: 33,518 ✭✭✭✭dudara


    Moved to Banking & Insurance & Pensions

    dudara


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