2007-07-13 06:26:22 · 4 answers · asked by mi 2 in Business & Finance ➔ Other - Business & Finance
£14.06
937.50 * 0.015 = £14.06
To work out a percentage of something, divide the percentage by 100, and multiply that by the number.
To work out the total amount with the interest, divide the percentage by 100, add 1 to that, and then multiply by the amount eg
937.50 * 1.015 = £951.56
To check this is correct:
£951.56 - £937.50 = £14.06
2007-07-13 09:19:47 · answer #1 · answered by Anonymous · 0⤊ 0⤋
It is impossible to borrow at 1.5% a year .. your must mean 'per month' (which is approx 18% per year).
In that case, it depends on the replayment schedule.
Assuming you pay Interest Only (per month) then each month the Interest will be £14.06 (approx).
Total repaid will be £1106.25 (18% APR)
If you pay nothing each month, then the Interest due in month 1 will be rolled up and you will pay Interest on the Interest in month 2 ... and so on.
Total repaid will be £1120.89 (19.56% APR)
2007-07-17 07:16:45 · answer #2 · answered by Steve B 7 · 0⤊ 0⤋
Don't borrow any money - go to school !
2007-07-13 13:29:23 · answer #3 · answered by Paul S 3 · 0⤊ 0⤋
£952.19 approx
2007-07-13 13:30:27 · answer #4 · answered by Anonymous · 1⤊ 0⤋