Teaching Methods outlined in Module 3 of Millionaires
Technical Explanation
Type numbers into cells highlighted in purple. These are the only cells that can be edited.
For example: To do example in Module 3 of Millionaires-
Interest rate is not specified, so you can choose one. Say you pick 12%. Enter 12
Enter 400 in balanced owed cell
Enter 15 in monthly payment cell
You should get an answer of 31.2 months to pay off the card.
NOTE: THIS CALCULATOR CAN BE USED FOR ANY SITUATION IN WHICH YOU NEED
TO DETERMINE HOW LONG IT WILL TAKE YOU PAY OFF A LOAN. THIS CALCULATOR
WILL ALSO DETERMINE HOW MUCH INTEREST YOU WILL HAVE PAID AND HOW
MUCH YOU WILL HAVE PAID TOTAL OVER THE LIFE OF THE LOAN.
ly cells that can be edited.
ay you pick 12%. Enter 12 in interest cell
HICH YOU NEED
HIS CALCULATOR
D AND HOW
Credit - Payment Length
What interest rate do you pay on your credit 12.0%
card?
What is the balance you owe today on the $400.00
credit card?
How much will you pay each month? $15.00
Number of months (payments): 31.2
Number of years to pay balance: 2.6
The total you will pay is: $467.55
The interest you will pay is: $67.55