If I paid an interest payment of 85 dollars on a 12,775 dollar loan, then at that same rate of interest how much will I pay on 8,875 dollar loan?
2007-01-05 01:06:49 · 4 answers · asked by lynz 3 in Business & Finance ➔ Personal Finance
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2007-01-05 01:14:49 · answer #1 · answered by Anonymous · 0⤊ 1⤋
It will greatly depend on where you are in the payments what Byakuya said is correct, but only for that 1 payment. Remember, that interest is calculated on the balance. So each month, the principal goes down, so does the interest accrued & paid. Look at an amoritization schedule, this will show you how long it will take to make the payments & what part is going to principal & interest.
2007-01-05 09:24:05 · answer #2 · answered by ricks 5 · 0⤊ 0⤋
I think that's a 12.5% interest rate.. so on a loan of 8875 you'd be paying 59 dollars per month..
12775 / 85 / 12 = 12.5
8875 / 12.5 / 12 = 59
not totally sure that's right though..
2007-01-05 09:15:02 · answer #3 · answered by Byakuya 7 · 0⤊ 0⤋
$59.05 in interest.
85/12775 * 8875 = $59.05
2007-01-05 09:20:22 · answer #4 · answered by MR MONEY 3 · 0⤊ 0⤋