If I borrow 15,000 at 10.3% , how much would it cost including interest. Percentages are not my strong point and I keep getting a different figure. It's driving me nuts.
2007-08-22 07:31:30 · 3 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
I should have mentioned , over 49 months
2007-08-22 07:52:12 · update #1
The amount of interest you will pay depends upon the length of the loan. Is it a fixed-term loan (ie. this is not like a credit card, but is a loan that is taken out once for a fixed amount and to be paid back in a fixed number of months)?
For a fixed-rate, fixed-term loan for, let's just say 5 years (60 months), your monthly payment would be $320.92 and you would pay a total of $4,255.46 in interest over the 5 years. Now, if you paid it off sooner, then you would pay less interest, but like I said, it would really depend upon the length of the loan.
Ok, for 49 months, your payment would be $376.29 and you would pay a total of $3,438.19 in interest. Add that to your original loan amount and you would be paying a total of $18,438.19.
2007-08-22 07:53:09 · answer #1 · answered by aiownk 2 · 1⤊ 0⤋
Calculating method.
15,000 x 10.3% =16,545
if you subtract this amount from 15,000 you will get the interest rate you will pay.which is 1545
2007-08-22 07:49:52 · answer #2 · answered by M.A.W. 3 · 1⤊ 0⤋
What is the term?
The true "cost" of loan varies by the length of time to pay it back and how frequently you are making payments (ie monthly, quarterly, etc.)
2007-08-22 07:37:26 · answer #3 · answered by Wayne Z 7 · 0⤊ 0⤋