In 2004 I loaned a friend $5,500. With the agreement he could pay $150 a month at 8% interest until it is paid off.......I have no idea how to figure the interest to let him know when he will be finished paying it off?
2006-12-26 03:51:50 · 6 answers · asked by El Kabong 2 in Business & Finance ➔ Personal Finance
42 months at 8% annually. Thats 3 years, 6 months from the first payment. Interest total is $801.72.
2006-12-26 05:49:52 · answer #1 · answered by Joe S 6 · 0⤊ 0⤋
I'm confident that you must find every financial solution at= loaninstantsolutions.us-
RE How can I figure interest on a short term loan?
In 2004 I loaned a friend $5,500. With the agreement he could pay $150 a month at 8% interest until it is paid off.......I have no idea how to figure the interest to let him know ...mostrar más
2014-09-22 12:36:29 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Search interest calculator on the web. You'll find many calculators to help you compute the interest on any loan.
2006-12-26 06:53:05 · answer #3 · answered by MissLibra 2 · 0⤊ 1⤋
There are a lot of loan calculators on the internet. Here is one.
http://www.bankrate.com/brm/popcalc2.asp
2006-12-26 04:29:32 · answer #4 · answered by spicertax 5 · 0⤊ 0⤋
Less than $525 per month , but if you can't do the math , You might be better off in small claims court . >
2016-05-23 07:55:30 · answer #5 · answered by Anonymous · 0⤊ 0⤋