Hi Team

I wish to work out the formula used by banks to calculate mortgage
payments...

Here is the data from my bank statement:

Interest Mortgage Monthly Payment Interest Paid
7.50% $59,462.00 $483.00 $379.00

20 year term ( I think)

I will then use excel to work out what benifit wil lbe gained in
making a lump sum payment on the fixed loan ver the penilty payment
for doing so on a fixed loan...
- dont do this for me, thats my project! I'm just after info on how
payments are calclated

chers
john
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