I have a $1000 loan, 5% annual IR. I pay $500 at the end of 1st month. How much will I owe at end of the year?

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I have a $1000 loan, 5% annual IR. I pay $500 at the end of 1st month. How much will I owe at end of the year?

2006-06-23 00:44:16 · 2 answers · asked by Anonymous in Business & Finance ➔ Personal Finance

2 answers

if your payment is only one instalment, you have to pay the bouncing charges as per the loan documents you have if its a monthly

actually your question is incomplete

however for payment of $ 500 at the beginning you will owe at the end of the year is @550.

2006-06-23 00:53:15 · answer #1 · answered by raja g 1 · 1⤊ 0⤋

if you dont pay anything after that then you owe 500dolors and interest thereon

2006-06-23 07:52:08 · answer #2 · answered by Bond 000 3 · 0⤊ 0⤋