This is how a lease option should work: After securing the go-ahead from a mortgage broker and before moving in, your potential buyer will give you a healthy, nonrefundable deposit to go toward the down payment of the house -- typically, 3 to 5 percent of the purchase price.
The amount of interest that accrues on your loan is determined by a simple daily interest calculation: Your current principal balance Ã The number of days since your last payment Ã Interest rate factor = interest rate Ã· 365.25 (number of days in a year) = Your daily interest rate.
i = annual interest rate. t = time in relation to one year. Simple interest formula: Principal x annual interest rate x time = interest amount. P . i . t = interest amount. Due date of notes: If the note is expressed in days then count the exact days. to determine the due date. If the note is expressed in months count months. For example: A 90-day note dated February 1 would be due on May 2nd whereas a 3-month. note dated February 1 would be due on May 1st.