If you borrow $15000.00 for 1/2 years at 13% APR what is the P&I if you agree to pay back in one lump sum?

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If you borrow $15000.00 for 1/2 years at 13% APR what is the P&I if you agree to pay back in one lump sum?

2007-02-06 02:50:41 · 2 answers · asked by Mutt 1 in Business & Finance ➔ Personal Finance

2 answers

Lump sum payment at 6 months is Principal $15,000 interest $975.00

2007-02-06 03:18:51 · answer #1 · answered by bob shark 7 · 0⤊ 0⤋

It depends when do you decide to pay it off. If you pay it off immediaely, there might be some fees but it shouldnt affect your final balance, if you pay it off after 6 months, then the 13% will be adjusted prorated to 6 months.

2007-02-06 10:59:16 · answer #2 · answered by Umpalumpa 4 · 0⤊ 0⤋