Interest rates on mobile homes

[Drake Ivy]

Hi my name is Drake, im 16 years old and just getting started in mobile home investing. My first question is whats the formula for setting up interest on selling my first mobile home? Any advice would be appreciated, thanks!

[Patrick McKenna]

Can also do it pretty easily in excel. See below. Hopefully the image came through. So the amount is $5,000, I am using 8% as an arbitrary interest rate and 5 years as an arbitrary time period (both can be altered once you have the formula set up) and then the =pmt formula will give you the required monthly payment from the tenant, which is comprised of both principal and interest. 

= pmt(rate, nper, pv)

rate = 8% / 12

nper = 5 years * 12

pv = $5,000