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Mortgage interest rate calculation

obi604 · 2011-06-23 22:44:18

This is gonna be a really stoopid question so, ive been online looking at some mortgage calculators and just as an example on this link : http://www.guardian.co.uk/money/mortgage-calculator ive done the following, screen grab shud be below so it kinda makes sense. but the q I have is on the 5 % "interest rate of the loan"…

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23-06-2011 11:44pm

#1

obi604

Registered Users Posts: 5,605 ✭✭✭

Join Date: February 2008

Posts: 5050

This is gonna be a really stoopid question

so, ive been online looking at some mortgage calculators and just as an example on this link :

http://www.guardian.co.uk/money/mortgage-calculator

ive done the following, screen grab shud be below

so it kinda makes sense.

but the q I have is on the 5 % "interest rate of the loan" that I have entered

what exactly is this 5% of

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