I have been thinking about taking out a loan from my bank for a medical procedure in the amount of $5.800 and my interest rate will be as high as 18 % how much will i end up paying (total amount) by the time I'm done??? Please serious answers only.Thanks in advance and God Bless.
2007-05-11 10:29:02 · 5 answers · asked by Michael Jackson 1958 - FOREVER 5 in Business & Finance ➔ Credit
This would be on a 4 year loan.
2007-05-11 10:40:48 · update #1
the monthly payments would be around $180.00 on a 4 year loan with 18% interest.
2007-05-11 11:16:29 · update #2
You'll need to provide one final bit of information before we can compute an answer... How long will it take you to pay the $5800 back? I'm assuming monthly payments...
With a 5 year payoff and payments of approximately $150/mo., you'll payoff the original $5800 plus about $3000 in interest.
A 3 year payoff plan with monthly payments of $210/mo. will have you paying about $1750 in interest plus the original $5800.
If it's an elective medical procedure, you may consider _saving_ $210 per month until you have the $5800 in cash. If you put away $210 per month and earned 5% on the money (a good money market account), it'd take you about 26 months to have $5800 saved up. This is a pretty good example of compound interest working for you instead of against you!
Hope this helps. I realize that there are some things that can't wait so I hope I wasn't offensive in suggesting the savings plan.
I see you've added the length of loan...
On a 4 year plan, you'd pay about $170/month and would wind up paying off the original $5800 plus about $2380 in interest.
2007-05-11 10:47:43 · answer #1 · answered by T21Guy 2 · 0⤊ 0⤋
If you were to pay $180/Month you would wind up paying the $5800 off in just shy of the 4 years, at 18% interest with the above payments the total amount you would pay, including the base cost and interest is around $8000
If you were to pay $170/Month which would take up the entirety of the 4 years in total, would cost you, including base cost and interest about $8200
2007-05-11 12:28:58 · answer #2 · answered by lazyd112 1 · 0⤊ 0⤋
$180.00/mo. x 48mo. = $8640.
According to the loan calculator on bankrate.com, a 4 year loan for $5,800 at 18% should have payments of $170.37.
$170.37 x 48 = $8177.76
2007-05-11 12:32:16 · answer #3 · answered by STEVEN F 7 · 0⤊ 0⤋
the first year you will pay 1044.00 in interrest so if you paid it off in 1 year that's 6844.00 . . with out knowing the length of the loan that is the best I can do . .
2007-05-11 10:33:41 · answer #4 · answered by Rainy 5 · 0⤊ 0⤋
$6844 with that interest rate your payin $0.18 on the dollar
2007-05-11 10:37:27 · answer #5 · answered by bladewizard200 2 · 0⤊ 0⤋