Who knows about int. rates and PerDiem?

[AllieK]

I'm trying to figure out how my loan company is figuring my interest rates.
My payoff amount is $39,177.14 and interest rate is 9.25% How are they getting a PerDiem of 10.04566?

[Sweet Pea]

Re: Who knows about int. rates and PerDiem?

Hell if I know. I remember asking my lender the same question, but I'll be danged if I can remember what she told me.

[dottalk]

Re: Who knows about int. rates and PerDiem?

take the amount owed,multiply by interest rate, divide by 365 and should give it. that is if the 10. whatever is 10 dollars and cents you are saying.

[DinDin]

Re: Who knows about int. rates and PerDiem?

I don't know the answer to that but if you plan on paying off your mortgage you should bargain with the bank. National City has already started and I'm sure other banks will follow because they need capital and are offering customers money if they pay off their loan.

[AllieK]

Re: Who knows about int. rates and PerDiem?

I wish I could pay off the loan. I paid $15,000 into it last week. I wanted to bring the interst charges down so more of the mo. payments go toward principle. I'm gonna do my damnest to pay it off (or way down) before the variable rate kicks in in 2010.