2007-09-09 04:51:48 · 4 answers · asked by wldanpcful 1 in Business & Finance ➔ Renting & Real Estate
$1080 per year
2007-09-09 04:59:05 · answer #1 · answered by zombies 1 · 0⤊ 1⤋
Simple interest on a 1 year loan would be $1080, but if you are making payments each month, the total interest you'd pay in the course of the year would be about $602.
2007-09-09 05:06:07 · answer #2 · answered by Anonymous · 1⤊ 0⤋
Your monthly payment would be 500.23
After paying for 12 months that is a total of 6002.76
Total interest paid 602.76
Remember the interest applies to a decreasing loan amount, this is called amortization. So those that have stated $1080 are incorrect.
2007-09-09 05:08:36 · answer #3 · answered by Pengy 7 · 1⤊ 0⤋
I vote the $ 1080 too. And because I DID figure it out I'm taking the two points too.
2007-09-09 05:01:07 · answer #4 · answered by Anonymous · 0⤊ 1⤋