how to figure out payments?

Question

what is the equation to figure out how much i will pay in total on a loan ??

lets use simple numbers

lets say i borrow someone $50.00 @ 15% for a 3 yr term
by the end of 3 yrs assuming this person paid on time and in full every month how much profit would i make?

there has to be an equation for this but what is it:)
thanks

Answer 1

Just use a financial calculator or Excell or any other spreadsheet to figure out loan payment. In your example the formula for excell spreadsheet is as follows: =PMT(15%/12,36,50,0)
That is interest is 15%/12 (montly interest)
36 payments,
50 -- current loan balance
0 -- future balance at the end of 36 payments.
The payment in this case is 1.73 per month. Now you multiply 1.73 x 36 and subtract 50 (original loan balance) the result is your profit over 3 years.
In your example this is $12.40

Answer 2

simple interest calculation is I = PNR divided by 100
where p is principal -50.00
n is # of yrs - 3
r is the rate - 15%

but your question is wrong. You have to be the 'lender' in order to make a profit on this deal if that is what you meant. but if you are borrowing money from some one it is causing you way more than the 50.00 you borrowed.

Answer 3

What would my payment be on 18,000 at 1.9% interest for 60 months