| a detailed description applicable to US fixed rate mortgages. First the nomenclature: I - The stated interest rate, for example, 5%/year. This is not the APR (annualized percentage rate). m - The number florida home in investment loan periods in the time frame of I. I is usually based on a year but it could be based on any florida home in investment loan of time. i - The interest rate for the compounding period which is needed for the calculation. For example, a florida home in investment loan property mortgage is usually based on a monthly period. In this case i=I/12 where I is based on the normal yearly period. In general i=I/m. Also I needs to be a decimal not a percent |
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