can someone give me the total? Thanks!
2007-02-17 00:51:57 · 12 answers · asked by therazorsx 3 in Business & Finance ➔ Credit
I'm sorry, it would be bi-monthly. Can someone give me the formula? It's always good to learn something new. I should have listened more closely to my math teacher!
2007-02-17 01:01:34 · update #1
The answers of $55 are not exactly correct. This figure assumes the interest is applied at the beginning of the year rather than continuously over the year.
The first thing to do is calculate the periodic interest rate, and this will depend on the definition of bimonthly (twice a month or every two months).
Twice a month: i = (1+0.1)^(1/24)-1 = 0.4%
Every two months: i = (1+0.1)^(1/6)-1 = 1.6%
The periodic payment (made 19 times) is:
$950/[(1+i)*(1 - (1/1+i)^19)/i]
Twice a month: Payment = $51.82
Every two months: Payment = $57.46
2007-02-17 03:59:37 · answer #1 · answered by Icey12 2 · 0⤊ 0⤋
this can be a trick personal loan. in accordance to the way it is suggested you need to pay 12% annual p.c., which translates to $100 and twenty the first 3 hundred and sixty 5 days , then 12% on the unpaid stability the subsequent 3 hundred and sixty 5 days etc for 5 years. If the deepest loan has a prepayment penalty paying it early gained't forestall a lot; likewise paying the completed aspect in a million 3 hundred and sixty 5 days would nonetheless cost you higher than 12%. precisely how the deepest loan is written will make certain how a lot more beneficial than 12% in entire interest you'll easily pay.
2016-12-04 07:12:20 · answer #2 · answered by Anonymous · 0⤊ 0⤋
950+95 divided by 19= 55
2007-02-17 01:01:25 · answer #3 · answered by livewire 4 · 0⤊ 0⤋
Pay back $55 each of the 19 payments.
2007-02-17 00:55:46 · answer #4 · answered by mellen1978 2 · 1⤊ 0⤋
55$
2007-02-17 01:05:50 · answer #5 · answered by mahi 2 · 0⤊ 0⤋
Payments would be $55. Total payback amount would be $1045
2007-02-17 00:56:36 · answer #6 · answered by Anonymous · 0⤊ 0⤋
It all depends on the type of payment, monthly, bi monthly, etc. A useful calculator can be found below. For other templates visit: http://office.microsoft.com/en-us/templates/results.aspx?qu=loan&av=TPL000
2007-02-17 00:58:04 · answer #7 · answered by Anonymous · 1⤊ 0⤋
Buy or borrow a financial calculator. What good is it to know the answer if you dont know the method?
2007-02-17 02:01:19 · answer #8 · answered by Anonymous · 0⤊ 1⤋
this is a finance problem.
in how many years/months will you be repaying the whole amount.
2007-02-17 00:58:16 · answer #9 · answered by Boriana B 2 · 0⤊ 0⤋
the total will be $1045.
2007-02-17 00:56:00 · answer #10 · answered by razza 3 · 1⤊ 0⤋