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Helpful Hints: Enter only postive values and be careful of decimal points,
use only one. Principal should be larger than the Monthly Payment, Interest should be less than
100% and the Number of Periods is in Months and should be an integer. It is adjusted to an
integer automatically by the program when calculating other values. |
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Principal is calculated for use in this applet by taking the cost of the
car and adding tax and any other sale items, such as a service contract and then subtracting
the down payment and any trade-in. |
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Interest Rate is cost of money and should be entered as a yearly rate
which will be adjusted for the monthly based calculations. |
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Number of Months is the number of payments to be made on a monthly
basis. NOTE: each month is 1/12 of a year. Some loans have a longer first month which
changes the results slightly. I have not planned to account for this. |
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Monthly Payment is the amount of the monthly payment for all of the
periods of the loan. |
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Text Hilight corresponds to the text field typing and editing will
effect. Click on different fields to move the Hilight. |
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