constant

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constant

The annual payment required to pay the principal and interest due on a $1 loan for a specified repayment term at a specified interest rate.Before the widespread availability of computers and extremely affordable financial calculators,it was common to use mortgage constant tables to calculate monthly payments. One would refer to the table for the proper loan term, such as 30 years, and then within that table find the loan constant for the anticipated interest rate. See the following example. The constant is the monthly payment on $1. To find out your own monthly payment, you multiply the constant by the number of dollars in your loan, and the answer is what your monthly payments would be.

References in classic literature ?
If it had not been for the problem of keeping dependable hired hands and the sight of the mine-tipple, which, towering on the adjoining farm, reminded her more and more constantly of Bill, she would not even have considered the offer of Gordon Hamilton, one of Fallon's leading business men, to buy her whole section.
At last some of the older apes spoke to Tarzan on the subject, and for a month thereafter he remained constantly with the tribe.
I resolved at once to go to that school, although I had no idea where it was, or how many miles away, or how I was going to reach it; I remembered only that I was on fire constantly with one ambition, and that was to go to Hampton.
Prince Andrew, being always near the commander in chief, closely following the mass movements and general orders, and constantly studying historical accounts of battles, involuntarily pictured to himself the course of events in the forthcoming action in broad outline.
Below them was a vast space, at the bottom of which was a black sea with rolling billows, through which little tongues of flame constantly shot up.
For two days they camped there, and constantly during daylight hours Usanga compelled the Englishman to instruct him in the art of flying.
It is maddening, Virginia," said the man, "to be constantly straining every resource of my memory in futile endeavor to catch and hold one fleeting clue to my past.
This continued for some weeks, the physicians visiting him on alternate days and treating him for two different disorders, with constantly enlarging doses of medicine and more and more rigorous nursing.
As his wife grew older, she became even a more cheerful and light-hearted little creature; and it was a common saying among their friends, that it was impossible to say which looked the happier, Tim as he sat calmly smiling in his elbow-chair on one side of the fire, or his brisk little wife chatting and laughing, and constantly bustling in and out of hers, on the other.
From the 4th to the 6th of December inclusive, the weather remaining much the same in America, the great European instruments of Herschel, Rosse, and Foucault, were constantly directed toward the moon, for the weather was then magnificent; but the comparative weakness of their glasses prevented any trustworthy observations being made.
I shall have the pleasure of acknowledging the great assistance which I have received from several other naturalists, in the course of this and my other works; but I must be here allowed to return my most sincere thanks to the Reverend Professor Henslow, who, when I was an undergraduate at Cambridge, was one chief means of giving me a taste for Natural History, -- who, during my absence, took charge of the collections I sent home, and by his correspondence directed my endeavours, -- and who, since my return, has constantly rendered me every assistance which the kindest friend could offer.
It often basely and cowardly deserts those paragons for whom the men are all wishing, sighing, dying, and spreading, every net in their power; and constantly attends at the heels of that higher order of women for whom the other sex have a more distant and awful respect, and whom (from despair, I suppose, of success) they never venture to attack.