ow much interest is paidin the first month of a loan of 5,000 borrowed for 5 years at 12% per year interest?

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ow much interest is paidin the first month of a loan of 5,000 borrowed for 5 years at 12% per year interest?

2007-12-02 09:55:40 · 2 answers · asked by Anonymous in Education & Reference ➔ Financial Aid

2 answers

This highly depends on the terms of the loan. It may not be an easy 12% a year interest formula, unlike tax at the local store. If you ask the loan company, they will probably tell you what your final balance will be.

2007-12-02 21:12:08 · answer #1 · answered by Majesa 2 · 0⤊ 0⤋

Call the lender and ask for the details since it is their loan. If this is an alternative loan there are better rates at Citibank and Wachovia. Dont forget about fees!!!! These two have NONE!! Borrow wisely. DId you apply for a Stafford FIRST?

2007-12-02 10:44:03 · answer #2 · answered by John 3 · 0⤊ 0⤋