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interest calculation question
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Posted by
susan_on (
My Page) on
Sun, Aug 5, 12 at 18:36
I am not very good at math at all, but I have a math question related to calculating interest on a loan.
If someone is borrowing $12,000; and plans to pay it back at approx $200 a month, plus 1% interest... how much would the payments be? |
Follow-Up Postings:
RE: interest calculation question
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You're missing a key component. How many months worth of payments???? |
RE: interest calculation question
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For around $205 a month, the payments would be for six years at 1% imterest. Not my figures...I had to ask, too! LOL |
RE: interest calculation question
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For around $205 a month, the payments would be for six years at 1% imterest. Not my figures...I had to ask, too! LOL |
RE: interest calculation question
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Payments would be $205.12 for 60 months (5 years). |
RE: interest calculation question
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Is the interest simple interest ($12000 x 1% = $12120 owed) or compound interest (1% added to the monthly balance once the payment is made)? Ellen |
RE: interest calculation question
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Whatever is in the best interest of the person I'm loaning it to... It looks like I'll go with the $205 for 60 months. Thanks ladies! |
RE: interest calculation question
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Susan, you can find amortizstion schedules on-line that you can print out for you and the person you are lending to. It shows month-to-month the exact amount left on the loan, should the person decided to pay it off early. Just google it--there are different ones. Just put in your information, then scroll down to the schedule. Pretty nifty! |
RE: interest calculation question
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That should be amortization--sorry! |
RE: interest calculation question
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well, look what the cat drug in! Long time no see on the KT! IT's about time! lol Oh, I thought you were GIVING me the money! lol |
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