okay, let's try this again...30 K?

Question

Greetings, I would like to try this again...it seems as if I am in the loaning business or in debt. And god knows what else. I'm a teacher who is trying to figure out this problem. Feel free to use 10,000 dollars, or 1,000 dollars. I would just like to know how much interest I would receive...

(See problem number 1 and 2 which I put on earlier...)

Answer 1

ok,JJ..since no one else seem to be giving it a shot ..I will give it a try....by the way, not a math major....far from it....

first look at a loan with no interest...30,000 to be paid over a 24 month period....the monthly payments would be 1250. dollars...

now...lets say your loan out this 30,000 dollars at 10% for 2 years....

10% of 30,000 is 3 thousand....times this by the 2 years...you get 6 grand...add this to the original amount of the loan for a total of 36,000....divide by 24 months...it would be 1500 a month.. which 250 of this payment would be the interest...

if they are paying you on a daily basis....than take the 36000. and divide by 730 days and it comes out 49.315 and would round off to 49.32 ..which you would gain $ 3.60 over the 36000.


this is what I came up with...I don't know if it is right......but I tried.....now, if anyone else reads this and I am in total error please feel free to critique...rip me to shreds..I can take it ; )