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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ECONOMIC CALENDAR
| Time | Country | Indices | Period |
|---|---|---|---|
| 04:00 | Industrial production | Aug | |
| 04:00 | Fixed Asset Investment | Aug | |
| 04:00 | Retail Sales | Aug | |
| 04:00 | Unemployment Rate | Aug | |
| 10:00 | Gross Domestic Product | Aug | |
| 10:00 | Gross Domestic Product | Aug | |
| 14:30 | Foreign Securities Purchases | Jul | |
| 14:30 | NY Fed Empire State manufacturing index | Sep | |
| 23:00 | Westpac Consumer Confidence | 3 quarter |
