If I had $2000 and my friend wanted to borrow $1,600 and he says that in five years he will pay me back. what would be the interest rate out of that withing those five years?
2006-12-28 11:05:20 · 2 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
wouldnt' it be five percent?
2006-12-28 11:05:50 · update #1
for the most part; interest rates do not depend on how long the loan is for. Overall I would advise there is NO REASON to loan a friend this money. he should save, or borrow from parents - this can only end badly. If you insist - then check out personal loan interest amounts at local banks and match it. Often this is listed in the local paper & you can also just call a bank.
Don't do it. FYI - you would have received more answers to your questions if you gave a better description in the heading. something like: Question on interest on loan to friend. Who cares about a "question"
2006-12-28 12:33:50 · answer #1 · answered by Metella 3 · 0⤊ 0⤋
Don't loan money to a friend. EVER!!!!!!!!!!!!!!!!
2006-12-28 20:34:55 · answer #2 · answered by sm4125 3 · 0⤊ 0⤋