You borrow $95,000 for 12 years at an annual rate of 12%. What are the monthly payments required to amortize t

Question

You borrow $95,000 for 12 years at an annual rate of 12%. What are the monthly payments required to amortize this loan

Answer 1

Well.. I'm not really sure your story or anything, and that would always matter when getting a loan. Credit scores and past money useage and whatnot all come into play. But I do know that you can go to www.bankrate.com and look up rates and use their calculator to find out the payments. Its a pretty knowlegable site too... so if you look around and read up, you'd probably learn a lot. Hope that helps

Answer 2

this may be a trick very own loan. counting on the way it is stated you should pay 12% annual p.c., which interprets to $a hundred and twenty the 1st 365 days , then 12% on the unpaid stability the subsequent 365 days etc for 5 years. If the very own loan has a prepayment penalty paying it early won't save you plenty; likewise paying the total element in a million 365 days might nevertheless fee you better than 12%. precisely how the very own loan is written will verify how plenty better than 12% in entire interest you will quite pay.

Answer 3

$1,247.75 per month