I have a better idea: in jail he can pay back the million @ $1 per hour at a nice sub-prime rate of half a percent... And because I am feeling generous I'll even count hours he's sleeping or being butt-raped in the general population. He'll be all paid off in 175 years (and I have left him $15 a month for bribes and smokes, which might give his butt an hour or two of rest per month).
Mortgage Payment Calculator Your input values:
Principal $ 1000000 Interest Rate 0.500 % Amortization Period 175 years Starting month Jul Starting year 2011
- Monthly Payment: 714.62$
- Avg Monthly Interest: $ 237.43
- Total Int: $500698.03
- Total Payment: $ 1500698.03