A personal finance blog written by Preet Banerjee
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About Preet
Preet Banerjee, B.Sc., FMA, DMS, FCSI is the W Network's Money Expert. He is a former stockbroker and financial planner. Prior to that, he was a racecar driver, and before that he trained to be a neuroscientist. Basically, he can't hold down a job for very long.
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bad credit lenders
http://www.bridgemortgages.com - Subprime mortgage lender provides purchase and refinance loans to borrowers with less than stellar credit.
very cool calculator, thanks!
How often is the interest compounded with this calc?
You’re welcome MG – glad to be of service. :)
FT – I don’t know, but I sent an email to MLCALC for clarification and will let you know what they tell me.
Preet
Another really nice one – http://www.jeacle.ie/mortgage/
Hi FT – here is what MLCALC said:
Interest is calculated monthly, using standard US formula:
M = P * ( J / (1 – (1 + J) ^ -N))
where
J = I / (12 x 100)
I = Annual interest rate
P = Principal
N = Number of months