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!
Actual-over-365 (US Rule). The actual-over-365 method counts the number of days in the first period (between the loan date and the first payment due date), and then computes the first period interest charge by applying 1/365th of the annual rate for each day in the first period. Interest is accrued using the U.S. Rule. For each subsequent month, the actual number of days is counted between each payment due date and the next, and the interest charge for the period is computed by applying 1/365th of the annual rate for each day within the period (28, 29, 30 or 31 days).