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 Simple Interest Calculation Formula is: Loan Amount (in dollars and cents) x Interest Rate x Time (in days) = Total Interest. You must select the values to enter the Starting Month, Day and Year, and the Ending Month, Day and Year for the time of loan. Enter the amount of the loan and the simple interest rate. Click on Calculate. The calculation is done in days, EXACT calendar days!
Typically you take the balance of the loan and multiply it by the interest rate (2370.28*.03). The number you get is the amount of interest accrued over the course of a year ($71.1084), you would then divide by 365 to get a daily interest amount ($0.1948) and multiply by the number of days since your last payment.