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.
You are here: the calculator site Â» finance calculators Â» interest rate calculator-calculate your interest rate. If you are feeling confused about what Nominal Interest Rate and Annual Percentage Rate (APR) you are receiving on your loan, I hope that my simple interest rate and APR calculator will prove helpful to you.