how much would i have to put away in a saving with 4.5% yeild to get interest of 120 a month?
157348
To simplify calculations, lets just use the formula for simple interest:\n\nI = 12i = Prt , where:\n\nI = yearly interest\ni = monthly interest\nP = amount to be saved\nr = yearly interest rate, in decimal form\nt = time, in this case, 1 year.\n\nSolution:\n\nI = 12i = Prt\n\n1440 = 12(120) = P(0.045)(1)\n\n1440 = 0.045P\n\n0.045P = 1440\n\nP  =  32,000.00\n\nTherefore, you will have to save around $ 32,000 (in the bank?)
370585
For checking accounts, typically nothing or next to nothing.  For savings account, anywhere from 1% to 3%, depending on the amount of money in the account.  You probably need at least 100k to get the full benefits of high interest.  The smaller banks have to give higher rates to attract customers from the bigger banks.
404187
In the states, you will not easily beat ING http://www.ingdirect.com with 4.00% interest. It is easy to set up. All you need is a checking account somewhere.
1177205
It is already been pointed out that the 4.23% is an annual rate.  Banks compound interest daily using the annual rate divided by 360.  This means that if you put $20,000 in the bank for a year, you should have:\n\n$20,000 * (1+.0423/360)^365 = $20,867.36\n\nat the end of the year.  That averages out to $73.03 per month (though it is less in the early months and more in the later months).
267499
That really depends on several factors:\n\n1) How much of the loan amount\n2) Do you plan to stay in your home for long-term or short-term (investment property) or are you trying to rent it it has 2-4 units\n3) How much down-payment will you give and whether it is all yours or some borrowed or given to you as a gift\n4)If you make enough money per month\n\nRemember that to obtain an interest rate of 5.78% it depends on what state you are in too. If you are in LA interest rates are going up again. Those 5.78% are going to be harder to get.\n\nIf you have a job that pays more then $4,000 per month, you have had a job for more then 2 yrs that pays $4,000, and have a credit FICO score of more then 720 then your odds of getting that interest rate increase\n\nWORD TO THE WISE...if you get a loan officer to do your loan make sure he goes FULL-DOC if you have a salary job, make good money, and have lots of savings in the bank\n\ncheers
743411
I will assume that the interest is simple and compounded annually, just to make the question easier.\n\nYou will reach $1million (US system) 97 years later, at the age of 115.  $1,035,358, actually.\n\nI used a simple formula with an Excel spreadsheet to figure this out.
70181
I'm trying to do this like a basic math question, so forgive me if I do end up giving you the wrong answer. Firstly, I'm assuming that you're going to pay the deposit payment first right? Plus I hope that DP means deposit payment, because if I'm wrong you can just ignore what I typed below. I also assume that your 18% yearly interest would be divided into 12 months payment. Okay! We start!\nFirst, you minus the deposit payment of 144,000 out of the total price of 720,000, leaving you the balance of 576,000. This was already confirmed in your question. \nNext, you have to deduct the amount you pay for the first year, which is a total of 9,600 x 12 = 115,200. When you deduct 115,200 from 576,000, you get 460,800 left. With me so far? Okay, we'll move on...\nNow you have four years left to pay up, so basically you divide the balance of 460,800 between the four years. You'll get 115,200 per year. \nNow remember the 18% interest per year? You'll find that if you apply 18% interest per month, you'll get the same amount as calculated per year. So let's stick to calculating per month, shall we?\nRemember the 115,200 you have to pay each year? Now divide that amount by twelve (months) and then times the answer with 118%. Yes, 118%. \n(If you prefer using 18% and then adding that to the month's original payment, that's also fine. But it's the long way round)\nMeaning:\n(115,200 / 12 ) x (118 / 100) = 11328\nSo this means that you have to pay 11328 per month (interest already included)for the next four years. Got it?
1180190
pay month to month\nthe finance charge is already figured into your monthly payments...it would be silly to pay it all off with savings
187026
This may seem tricky, but it's not that hard.  The formula to calculate the monthly interest needs APR (Annual Percentage Rate), and you have the APY (Annual Percentage Yield).  We can approximate the APR from the APY, so, again it's not a big deal.\n\nThe formula is monthly_interest = APR/365 * days_in_month * monthly_balance.  As you know, leaving the monthly interest in your savings account will increase your balance, giving you more interest the next month.  An APY or 4.8% is likely based on an APR of 4.7%.  An APR of 4.7% actually gives an APY of 4.8026%  Confirm the actual APR with your bank.  \n\nUsing 4.7% as the APR and your current balance of $113.94, we get the first month's interest of .047/365*30*113.94 = $0.440152 or 44 cents.  Notice that I assumed the month has 30 days.  Longer months will get you a few more cents of interest.\n\nBest of Luck.
344349
The question should be how much can you save per month.  To figure this out you need a budget.  Figure out where all your money is going now.  Then figure out where you can afford to cut back.  \nNext go to your bank and ask to speak to a financial advisor (this should be a free service).  They will go over your budget with you and help you to determine an affordable monthly amount you can invest safely (low risk).  I have an investment  (mutual fund) for my 10 year old that he contributes $25.00 a month to.  Your Financial advisor will be able to recommend investments some that can give you tax breaks if the investment is going towards the purchase of a first home.  We can't all be financial wizards so take advantage of the ones your bank offers, this is their job.  Good luck and believe me its not as hard as it looks (after one month you won't miss the money), plus you know you will one day own your own home.  \n\nMost places require 10% as a down payment although some places will offer no downpayment (usually though your interest rates are higher then).  You can ask your financial advisor about this as well.
692046
Here's a web-based Simple Loan Calculator... see Link.\n\nMortgage and other calculators there as well.\n\nPer the calculator:\nYour Monthly Payment for 5 Years\nfor an Interest Rate of 24.900 %\non a Loan Amount of $ 12000.00:\n$ 351.51 a Month
1130502
Check on www.bankrate.com for interest rates.  It's always good to save money!
639444
No more than 35% of your gross salary.\nAnd since your asking, you should save and invest no less than 10% of your gross salary (have is deducted directly from your check and deposited right to your investment account like a payroll deduction so you are not tempted to spend it).
716483
You do not give much detail so it is hard to answer your question with 100 accuracy. I will give you the numbers I am using so you will have a better understanding. \n\nFirst... does 1/2 pt make a difference.  Yes.\nHow much.... useing 100k as a number and 6.0 and 6.5 so you see the difference in .5     599.55 for 6.0  632.07 for 6.5 ... Now STOP I know what you are thinking.. oh thats only 32 dollars. But we are not done. Over the life of a 30 year note or 360 months that will save you......11700.20 .. Yes I said eleven thousand seven hundred dollars and twenty cents. But dont run our yet. There is still more. That 11k is nothing if you play your cards right. Are you ready for some real money???\n\nTry it this way.... Add 100 extra to your monthly payment. By the way... your interest per day is about 17dollars at the begining of this loan so only 90dollars is going to the principal. Adding that extra 100 even to the first month will take you from month one to month three. \n\nTo put it simply.... after your first payment (using 100k @ 6.5 since you didnt give me the real numbers to use) you will have paid an extra months principal plus part of a day. Now instead of charging you interest on that 100 dollars you save that 63 cents. I know that doesnt seem like much.. BUT you have to remember this is over the life of the loan. So you save 63 cents the second month... thru the 360th. That would be 226.80 savings just for 100 dollars. Do it twice in a row ie first and second month and you will save 452.97 three times 678.51.. thats more than the monthly payment and it only cost you 300 dollars. \n\nI wont go into ALL the math but you get the idea. If you do this right.. ie 100 a month extra. You will cut several... are you sitting down?  YEARS off your loan. \n\nSo do not waste your time doing a refi. I mean if it drops a few points sure, but if it is less than 3 points Im not moving.
846924
The first thing you should note is that you have an annual personal tax allowance of £5035. This means you do not pay tax on the first £5035 in any tax year. (april-april).\n\nOn the next £2151 you pay tax at a rate of 10%.\n\nBetween  £2151 and £33300 (over the allowance) you pay 22% Tax.\n\nAnything above this you pay 40% tax.\n\nThis means the higher tax band starts at £38,335 (£33,300+£5035). Any income above this will be subject to 40% income tax.\n\nTo complicate matters you pay national insurance at 11% for earnings between £97 and £645pw but this drops to 1% above £645pw.\n\nIf you are close to the higher tax band you may be able to bring yourself back below the band by paying more into your pension. There is no other legitimate way to avoid the 40% demand.\n\nAlso make sure your savings and investments are in tax efficient forms (such as ISAs). This will mean that you don't have to pay tax on your interest.\n\nNote:-\nThis assumes you are below 65 (above 65 your personal allowance increases to £7280).\n\nIncome includes all income including investments (rental income, interest, share dividends etc.) \n\nBe happy with earning a decent wage!
870525
take 12.99% APR divide by 12 (months) = 1.0825%\n\nmultiply balance $3500 x 1.0825% = $3788.75\n\ninterest on the first month is $288.75
1155635
Stay away from stocks or mutual funds for now. Put your money in a bank account. Most savings accounts are paying 2%-3% interest--- not a lot. But you need to have the money available to you in case of an emergency.