I loaned someone 9000.00 cash that was due in full on Jan. 1, 2005. If it is not payed back in full balance (no payments have been made, in fact) and the contract states that the remaining balance (9000.00) is subject to a 20% monthly interest rate beginning on Jan. 1, 2005, how much money is owed on Jan. 1, 2008?
Like I said, it has never been paid on, and the 20% monthly interest rate is on the original 9000.00 owed.
I have found a few different websites online that claim to show how to do the problem, but I have come up with numbers raging from 16,000 and some change to upwards of 500,000!! Please help! Thank you so much!
2007-12-05
11:10:43
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6 answers
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asked by
Emleh
1
in
Personal Finance