Question 1060984
i get 1939.465922 per month as the amount you have to pay.


you are talking 1.25% per month.
that's equivalent to an annual percentage rate of 15% per year compounded monthly.


i used my financial calculator to get the results.


then i used an online amortization calculator to show you the month by month results.


those results are shown below:


<img src = "http://theo.x10hosting.com/2016/121001.jpg" alt="$$$" </>


<img src = "http://theo.x10hosting.com/2016/121002.jpg" alt="$$$" </>


<img src = "http://theo.x10hosting.com/2016/121003.jpg" alt="$$$" </>


that calculator can be found at this link.


<a href = "http://www.bankrate.com/calculators/mortgages/amortization-calculator.aspx" target = "_blank">http://www.bankrate.com/calculators/mortgages/amortization-calculator.aspx</a>


loan payments at the end of each month are assumed.


you start with 40,000.
add 1.25% times that to it to get 40500 and then subtract the month end payment of 1939.47 to get a remaining balance of 38560.53.
add 1.25% times that to it to get 39042.54 and then subtract the month end payment of 1939.47 to get a remaining balance of 37103.07.

check the first 2 months of the payments in the picture and you'll see that they agree.


any questions, let me know.