SIMPLE-INTEREST MORTGAGE
Simple-interest mortgage is a mortgage wherein the computation of interest takes place daily. A traditional mortgage computes interest monthly. The computation of a daily interest charge in the simple-interest mortgage is done by dividing the interest rate by 365 days and then multiplying it by the amount of the mortgage balance. With the same concept. a monthly interest charge is determined the same way. For a short cut, just multiply the daily interest charge by the number of days in the month.
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Digesting Financial Statements: Working Capital
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Digesting Financial Statements: System
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It’s almost done! With just a few steps away, the house that you have been dreaming of will be yours.
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