How do you calculate interest?
View your credit file based on any of the UK credit reference agencies, or all three at once
LifeLock is the only Identity Theft Prevention Solution backed by a one-million dollar guarantee!Click here to get a 10% discount.
If I paid an interest payment of 85 dollars on a 12,775 dollar loan, then at that same rate of interest how much will I pay on 8,875 dollar loan?
How do you calculate interest?www.dinkytown.net
it's a free site with over 250 different kinds of financial calculators. You can plug in all sorts of variables to see how different amounts and different interest rates will effect the payment and paydown of debts.
How do you calculate interest?I think that's a 12.5% interest rate.. so on a loan of 8875 you'd be paying 59 dollars per month..
12775 / 85 / 12 = 12.5
8875 / 12.5 / 12 = 59
not totally sure that's right though..
How do you calculate interest?$59.05 in interest.
85/12775 * 8875 = $59.05
How do you calculate interest?It will greatly depend on where you are in the payments what Byakuya said is correct, but only for that 1 payment. Remember, that interest is calculated on the balance. So each month, the principal goes down, so does the interest accrued & paid. Look at an amoritization schedule, this will show you how long it will take to make the payments & what part is going to principal & interest.
More Related Questions and Answers ...
The loan information post by website user , we not guarantee correctness.