the variable interest rate is 11.99 percent, and the loan origination fee is 3.99 percent of the original loan amount
2007-08-14 09:43:13 · 7 answers · asked by hahree 4 in Business & Finance ➔ Credit
1 year to repay it starting now
2007-08-14 09:49:18 · update #1
Because the interest rate is variable, meaning it can change, it is impossible to compute how much you will eventually need to pay back. Not to mention you did not mention the length of the loan.
2007-08-14 09:51:41 · answer #1 · answered by OC1999 7 · 0⤊ 0⤋
M 3119.70 Principal Orig. Fee 3.99%
O 11.99% Rate Int. 119.70
N 12 Months
T $277.17 Payment
H
PRINCIPAL INTEREST BALANCE
1 246.00 31.17 2,873.70
2 248.45 28.71 2,625.25
3 250.94 26.23 2,374.31
4 253.44 23.72 2,120.87
5 255.98 21.19 1,864.89
6 258.53 18.63 1,606.36
7 261.12 16.05 1,345.24
8 263.73 13.44 1,081.52
9 266.36 10.81 815.16
10 269.02 8.14 546.14
11 271.71 5.46 274.43
12 274.43 2.74 (0.00)
SUM 3,119.70 206.30
This is a correction to include the origination fee.
If the interest changes, this will change from that point.
Sorry about the alignment, Yahoo doesn't align well.
2007-08-14 10:08:25 · answer #2 · answered by ed 7 · 0⤊ 0⤋
relies upon on the purpose. If he pays it back ASAP that could desire to be maximum suitable, and you are going to be able to easily cost him something like 8-10%. very own loans are volatile in case you enhance the term too plenty, as you have no longer any collateral and are probable unlikely to be as harsh a creditor as a perfect corporation. i could additionally warn against loaning money to somebody who you have a private relationship alongside with a coworker because it opens the door to a topic which will reason no longer basic emotions between the two one in each and every of you. even with the incontrovertible fact that, it could additionally be no longer basic to no longer help out once you notice his want. for that reason i could be kinder and price something extra like 5% which you will get in case you deposited that earnings a CD for that factor.
2016-10-10 05:40:24 · answer #3 · answered by ? 4 · 0⤊ 0⤋
Nobody can give you an answer without knowing how long the loan will run, or how the interest rate will vary.
2007-08-14 09:48:15 · answer #4 · answered by Judy 7 · 0⤊ 0⤋
Count on paying back at least double the loan amount if not more.
2007-08-18 06:34:46 · answer #5 · answered by Cindy 3 · 0⤊ 0⤋
I hope you're not paying an origination fee to one of those free email address lenders.
2007-08-14 11:33:54 · answer #6 · answered by gogo7 4 · 0⤊ 0⤋
depends on where your rate will be, there is a huge difference between 4% and 12%
2007-08-14 09:50:58 · answer #7 · answered by ADAM I 2 · 0⤊ 0⤋