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 I'm bad at math..

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ScammedOut
Elite Baiter


Joined: 19 Jan 2009
Posts: 1440


PostPosted: Thu Dec 17, 2009 1:06 am Reply with quoteBack to top

If I take the limit on the loan, can anyone figure out how long should it take me to pay it back?

Quote:
For Loans Contact Sir Edmond Rawlings ,Private Loan services Inc., For Business Loans, Private loans,Holiday Loans and General Loans, Agricultural Loans,Mortgage Facility Our Seasonal offer is limited so hurry now. For Loans of $10,000.00 Min. To $100,000,000.00 Max. at 1.5 % interest Fixed.

Name of Applicant:
Home Tel:
Mobile:
Sex:
Loan amount applied for :
Loan Repayment duration(Years/Months/ Centuries?):
Contact Person:Sir Edmond Rawlings & Dr Mrs. Florence ("Sir" and "Dr.Mrs"? Very impressive!)WordsworthTel:+60-166-459-631 (Malaysia Office)
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lakeside77
A chaff in the USA


Joined: 11 Jul 2008
Posts: 2462
Location: Out there in the cold, getting lonely, getting old


PostPosted: Thu Dec 17, 2009 1:48 am Reply with quoteBack to top

There are a number of loan amortization calculators available on the web but they tend to top off at $1,000,000.

In this case, the length of loan would depend on the periodic payment. The length of the loan, along with the annual rate and the principal, is usually agreed upon when the loan is made. Those are used to calculate the periodic (usually monthly) payment. With the information the lad gave you, you would need to state a monthly payment to calculate the length of the loan.

I would suggest going back to the scammer and asking him to calculate it for you, tell him you are willing to pay $xxx per month. One of the cardinal principles I learned in scambaiting is to always make the lad do the work.

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Jammy
Master of Master Baiters


Joined: 24 Oct 2009
Posts: 517
Location: Absolutely, last time I checked.


PostPosted: Thu Dec 17, 2009 2:24 am Reply with quoteBack to top

Ask the lad to do the math.

Then question it.

Wink

Edit: Oops, I just noticed that was the gist of Lakeside's comment!

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KnottyPine
419Eater is my life


Joined: 24 Dec 2007
Posts: 458
Location: So many Soludos, so little time


PostPosted: Thu Dec 17, 2009 3:57 am Reply with quoteBack to top

@Scammedout: Unless I missed a detail, the actual technical answer to your question is "it depends".

[lecture]
To determine the pay-back period, you need (1) the amount borrowed (you said you want to borrow the max, so we have that), (2) the interest rate (the scammer is offering 1.5%), (3) the compounding method or frequency (which I will assume will be compounded monthly) and also (4) the size of the monthly payments -- but that is not stated.

It is more typical to state the payback period (e.g., 10 years = 120 months) and then the monthly payments can be determined, given the interest rate, method/frequency of compounding and the amount being borrowed.

The formula for finding the monthly payments, A, for N months can be found with the the following formula

A= P * [ i * (1+i)^N ] / [ ((1+i)^N ) - 1 ]

where, in our case, i is the interest rate per month or period (in our example, i = 0.015/12 =0.00125 since there are 12 compounding periods per year with monthly compounding), N is the total number of compounding periods over the life of the loan and P is the amount being borrowed.

So, here with P=$100M, i=0.015/12 = 0.00125 and N=120 (for 10 years), the monthly payments would only be

A = ($100M) * [ 0.00125*(1.00125)^120] / [( (1.00125)^120) -1] = $897,915.

If the compounding is daily, the same formula can be used except, in such a case, i=0.015/365 and the total number of compounding periods would be N=365*10 (assuming 10 years again). Yes, I am ignoring leap years. Wink Oh, yeah, for completeness: 6^3 means 6 raised to the power of 3.
[/lecture]
Let's hope I don't have too many typos!

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Closed lad accounts x1087
you make me feel like crying

Why is it so difficult to receive money from you.I am having a hunch that you are delibrately making it difficult for me.I want you to remember all the problems you have put me through from your first bank transfer to the second one to our London account to this very western Union that you sent more than a week ago. You are putting me through all kind of stress just to receive money from you.

kindly please for God sake re-send it again in a proper way

you are making things so complicated for me...i can no longer condole all this stress you are making me pass through

Your are so honest i like the way you act.

you are playing games with me, but I still want to beleive in you because I have no much choices right now.
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Nap Olean
Baiting Guru


Joined: 26 Oct 2004
Posts: 2300
Location: Latin America


PostPosted: Thu Dec 17, 2009 4:13 am Reply with quoteBack to top

I use this one in real life:

http://www.bankrate.com/calculators/mortgages/mortgage-calculator.aspx

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KnottyPine
419Eater is my life


Joined: 24 Dec 2007
Posts: 458
Location: So many Soludos, so little time


PostPosted: Thu Dec 17, 2009 4:27 am Reply with quoteBack to top

I verified the site Nap Olean gave.

It doesn't like the 100,000,000 mortgage amount, so use 100,000 instead with 10 years (120 months) and 1.5% as the interest rate to get a monthly payment of $897.91 which, of course, you then have to multiply by 1000 since we couldn't use the full $100M (for some reason Rolling Eyes). So, its result matches with mine. Smile

_________________
Closed lad accounts x1087
you make me feel like crying

Why is it so difficult to receive money from you.I am having a hunch that you are delibrately making it difficult for me.I want you to remember all the problems you have put me through from your first bank transfer to the second one to our London account to this very western Union that you sent more than a week ago. You are putting me through all kind of stress just to receive money from you.

kindly please for God sake re-send it again in a proper way

you are making things so complicated for me...i can no longer condole all this stress you are making me pass through

Your are so honest i like the way you act.

you are playing games with me, but I still want to beleive in you because I have no much choices right now.
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ScammedOut
Elite Baiter


Joined: 19 Jan 2009
Posts: 1440


PostPosted: Thu Dec 17, 2009 3:36 pm Reply with quoteBack to top

Wow, you guys are good. Let's see if Sir Edmond comes up with the same monthly figure!Smile
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