i calculated what my total payment amount would be at the end of the loan if I took one. Please confirm?

Question

A 30,000 loan at 7.49% interest rate for 20 years. What would my total interest payments would be? Thanks to all who answer.

Answer 1

$27957.60

Answer 2

there are all kinds of things involving a loan...like late payments, fees, like repossession if you don't or can't pay a month or have to skip a month, and if that interest rate is APR or declining, and you have to remember to include that payment in your monthly budget (and show them you can afford it by giving them your five-year plan if you are a business). And those loans are determined on your creditworthiness (how you as the owner have paid your bills in thepast, and if this is a loan against a building and contents or what). If it's apr then multiply the 30,000 by the .0749 then multiply by 20 years. Remember always that you will start repaying almost immediately after taking out the loan. People forget that and almost from the start they are strapped for funds. Therefore you may need to ask for a tad more than you need. How much you need though is based on your 5-year business plan.

There are online calculators (check yahoo search engine) that even do a printout for you as to your declining balance if that is the case. When you get a loan you can probably ask for a payment book so you can keep track of the balance owed. I would think that if this is a business loan then you can list the interest paid (for each year) on your income tax business form.

Answer 3

i'll second golfers answer at $27,957.60