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How much does Maree still owe n the loan after 1 month and 2 months?
Wiki User
∙ 14y ago
Maree borrows 250 000 at 0.5% per month,monthly reducible interest. At the end of each month, the interest on the outstanding amount is added, then Maree makes a paymeny of $1500.
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Wiki User
∙ 14y ago
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Just possibly, 36 months!
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The question can be answered only for the loan with zero interest. The loan is then 10,800 (18 x 600) that could also be paid by 1350 a month for 8 months 1080 a month for 10 months 900 a month for 12 months 720 a month for 15 months In the case the loan is not interest free the problem cannot be solved, since there are two unknown variables: a principal amount (an amount borrowed) and an annual interest rate and only one equation. For instance if you borrow 10,000 with 10% annual interest rate, the loan will be paid off in 18 monthly installments of 600, which corresponds to the question. For the same principal (10,000) and annual interest rate (10%) the loan would have been paid off in: 8 month installments of 1297; 10 month installments of 1046; 12 month installments of 879; 15 month installments of 712. But you can still have the loan with other pairs of principal and interest rate with 18 monthly installments of 600. There is a suitable Excel formula PMT too. Monthly installments can be calculated by formula: Monthly installment = Principal x {rate + (rate / [(1+rate)months - 1]} where rate = (annual rate / 12), i.e. 10% => 0,1/12
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£80.00
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How do I calculate the interest rate I am being charged on my mortgage loan?
Loan Amount : Rs. 100000/- Loan Taken On 15.05.2006 EMI Amount : 3762/- Per Month Loan Period " : 37 Months Please find the rate of interest
Does My Business Qualify For A Business Loan?
In case your enterprise is running for over 3 months with at the least $5,000 in bank deposits per month, you qualify to apply for a business loan.
