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How much interest is paid in the first month of a loan of 5000 borrowed for 5 years at 12 percent per year interest?
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156000 was borrowed for a home at 4.8 percent for 30 years 360 payments the monthly payment was 790.43 how much of the first payment is interest?
Interest for first month will be 1560 x 0.4 = 624;
What is the monthly interest payment on 30 thousand dollars borrowed against a credit card with 30.0 percent apr?
$750 / month in interest rates.
What is the monthly interest payment on 5 thousand dollars borrowed against a credit card with 12.9 percent APR?
Multiply the principle by 1/12 of the interest to calculate how much interest you pay for that moth. Ex: 1/12 of 12.9% = 1.075% (same as .01075). 5000 X .01075 = 53.75 interest to pay for that month. Hence, the first 53.75 of your first payment is for interest alone.
What is the interest rate and monthly payment amounts?
The interest rate is the annual charge levied on you loan. If you borrowed 100 units of local currency and the interest rate was 10% then you would have to pay 10 units of local currency each year while you owed the 100. The monthly payment amount is the amount you pay back each month to pay back the money you have borrowed. Thus if you borrowed 100 at 10% interest and were to pay this back over a year your month payment amount would be (100+10)/12 = 9.166666666666667 a month for a year.
Why is there more interest paid at the beginning of a loan period than at the end?
In a simple interest loan, you are paying interest on the amount of money you have borrowed in each payment period. When you make a payment, a certain amount of it goes to repay the loan, reducing the principle. In the next payment period, your interest is being calculated on a smaller amount borrowed. In the first payment, you are paying interest on the entire amount borrowed. In the next payment, you are paying interest on the amount borrowed minus the principle amount from the first payment. That's why paying extra principle early in the life of a loan can make a big difference in the time it takes to pay it off. In a 30 year home mortgage for example, in the first year the principle will be reduced by about the amount of one month's payment. If you make an extra payment toward the priniciple equal to one month's payment, you will have effectively gained an entire year in the retirement of the loan.
Six hundred dollars is borrowed at an interest rate of 1.4 percent per month Find the interest for a 30-month period?
252
156000 was borrowed for a home at 4.8 percent for 30 years 360 payments the monthly payment was 790.43 how much of the first payment is interest?
Interest for first month will be 1560 x 0.4 = 624;
What is the monthly interest payment on 30 thousand dollars borrowed against a credit card with 30.0 percent apr?
$750 / month in interest rates.
What is the interest for a 30-month period on six hundred dollars borrowed at the interest rate of 1.4 percent per month?
28.6
Eight hundred dollars is borrowed at an interest rate of 1.5 percent per month Find the interest paid over a period of 5 months?
$60.00
How is interest cost stated?
Businesses typically state interest cost as a percentage of the amount borrowed per unit of time. Examples are 12 percent per year and 1 percent per month.
What is the journal entry if someone borrowed cash from you with an interest of 6 percent per month?
Debit short term loanCredit cash / bank
What is the monthly interest payment on 5 thousand dollars borrowed against a credit card with 12.9 percent APR?
Multiply the principle by 1/12 of the interest to calculate how much interest you pay for that moth. Ex: 1/12 of 12.9% = 1.075% (same as .01075). 5000 X .01075 = 53.75 interest to pay for that month. Hence, the first 53.75 of your first payment is for interest alone.
Is 10 percent per month interest in lending in the Philippines legal?
10 percent interest per month any bank name
How much is 3 percent interest a month on 170.000?
3 percent of 170 is 5.10
What is the interest rate and monthly payment amounts?
The interest rate is the annual charge levied on you loan. If you borrowed 100 units of local currency and the interest rate was 10% then you would have to pay 10 units of local currency each year while you owed the 100. The monthly payment amount is the amount you pay back each month to pay back the money you have borrowed. Thus if you borrowed 100 at 10% interest and were to pay this back over a year your month payment amount would be (100+10)/12 = 9.166666666666667 a month for a year.
Why is there more interest paid at the beginning of a loan period than at the end?
In a simple interest loan, you are paying interest on the amount of money you have borrowed in each payment period. When you make a payment, a certain amount of it goes to repay the loan, reducing the principle. In the next payment period, your interest is being calculated on a smaller amount borrowed. In the first payment, you are paying interest on the entire amount borrowed. In the next payment, you are paying interest on the amount borrowed minus the principle amount from the first payment. That's why paying extra principle early in the life of a loan can make a big difference in the time it takes to pay it off. In a 30 year home mortgage for example, in the first year the principle will be reduced by about the amount of one month's payment. If you make an extra payment toward the priniciple equal to one month's payment, you will have effectively gained an entire year in the retirement of the loan.
