Calculators

If you could have one of the following as your payment for thirty days' work, which would you choose? (A) $10,000, or (B) a penny the first day, two cents the second day, four cents the third day, eight cents the fourth day, and so on, with each day doubling on out to thirty days.

The $10,000 sounds very attractive, but the fact is that the penny doubled each day for thirty days adds up to over five million dollars. Of course, that is 100% interest compounded daily, a rate not available to most of us working folk. Nevertheless, this example shows you the power of compounding on your investment earnings.

Here are some easy-to-use calculators.

You can get rough answers to your financial questions by using the following calculators and making a few estimates on your part. If we can be of assistance or answer questions for you, please call us.

	Home Purchase: How much house can you afford? Home Loan Calculator
	Mortgage: What will your mortgage payment be? Mortgage Calculator
	Mortgage Interest: What is the actual interest rate on a mortgage? Interest Calculator
	Savings: What will your savings grow to? Savings Calculator
	Loans: How do you calculate loan repayment? Loan Calculator
	Prepayment: How do you calculate prepaying a loan, paying off credit card balances, etc? Prepayment Calculator
	Loan Payment: What payment is needed for different loan amounts or different interest rates? Loan Comparison Calculator

Elliott & Sangster, CPAs
Professional Corporation
123 N. Huron Street • Cheboygan, MI 49721
(231) 627-4725 • Fax: (231) 627-7871
E-mail: info@elliott-sangster.com