i want to lend money but...?

Question

how do i figure out the money i will make on it

if i lend $50 @ 15% for 3 yrs how much profit would i make?

looking for a simple equation

thanks

Answer 1

depending on how you want to calculate it:
$7.50 per year simple interest = $22.50 over 3 yrs.

Now the obvious question: why would you lend to someone that will take 3 yrs to pay back $50? Just give it to them! It is not worth either of your time or effort.

Answer 2

go to any on-line amortization schedule and input your figures. It will tell you all you want to know.

Answer 3

$22.50 is what you'll make.