i keep coming up with
$637.50 and my co-worker keeps getting $882.35.
who is right??
thanks!
2007-03-30 06:50:22 · 11 answers · asked by joey322 6 in Science & Mathematics ➔ Mathematics
sorry, i didn't do my decimals right....but i am right in the number...
thanks all!
2007-03-30 06:59:08 · update #1
it's not a loan...it's a little more complicated than all that, but it's kind of like a one time interest charge between friends...kind of...
anyway, got the answer..thanks!
2007-03-30 07:00:22 · update #2
The interest would be $6,375.
75,000 * .085 = 6,375
2007-03-30 06:55:57 · answer #1 · answered by ChAnMaN311 2 · 1⤊ 0⤋
What are the precise terms of the loan?
Simple answer: 8.5% of $75,000 = $6375. That is the annual interest on the loan. Divide by twelve to get a monthly payment?
Of course that monthly payment wouldn't address the principal balance at all -- it would be "interest only". If you want the principal to be paid back, then the payment needs to be larger (and depends on the term of the loan).
2007-03-30 13:58:47 · answer #2 · answered by tedfischer17 3 · 0⤊ 0⤋
$6,375
8.5% is 0.085 as a decimal
so it 75,000 x 0.085
=$6,375
as a check 8.5 is close to 10%
and 10% is 1/10
1/10 of 75,000 is 7,500 so the answer is correct .
2007-03-30 14:10:09 · answer #3 · answered by mark 6 · 0⤊ 0⤋
But what is the time period? Remember
I = prt. Here p is the principal, r is the rate
and t is the time. If t is 1 year, then
i = $6375 = 75000*.085*1
2007-03-30 13:58:49 · answer #4 · answered by steiner1745 7 · 0⤊ 0⤋
Both wrong!
$75,000 * 0.085 = $6,375.00
(Your decimal point is off.)
This is just 8.5% of $75,000.
BUT...
Is it simple interest, compound interest, are they just paying the interest, are they paying off any of the $75,000 premium?
Is the 8.5% yearly, quarterly, monthly, daily?
Are they paying for the year or making a partial payment?
.
2007-03-30 14:03:08 · answer #5 · answered by Anonymous · 0⤊ 0⤋
How many months are you going to bill this person for?
If you bill them for 72 months (6 years), their monthly payment would be $1333,37.
If you bill them for 120 months (10 years), their monthly payment would be $929.89
If you are just billing for a one-time payment, the interest alone would be .085 * 75000 = $6375
2007-03-30 14:02:13 · answer #6 · answered by Anonymous · 0⤊ 0⤋
$75,000x.085 (8.5%)=$6375. You move the decimal place two places left to change from percentage to decimal than do the math.
2007-03-30 14:06:17 · answer #7 · answered by mustanger 5 · 0⤊ 0⤋
it is $6375. You do it this way.
8.5% of 75,000
= 8.5/100 * 75000
= $6375.00
2007-03-30 13:57:36 · answer #8 · answered by Alice_Cool 1 · 0⤊ 0⤋
The answer is 6,375 75,000 x .085
2007-03-30 13:56:34 · answer #9 · answered by dwinbaycity 5 · 0⤊ 1⤋
i wouldnt be loaning money out if you dont know how to do math
2007-03-30 13:57:57 · answer #10 · answered by threeonspeed 4 · 1⤊ 0⤋