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What is the simple interest on a loan of 1250 with an interest rate of 7 after 2 months?
Wiki User
∙ 16y ago
It depends on the payments made to the loan in those 2 months, but if we assume NO payments were made, and interest is calculated once per month, the total interest due would be $14.62 Calculation: * $1,250 x .07 = $87.50 -- (that's the interest per YEAR) * $87.50 / 12 = $7.29 -- (that's the interest per MONTH) * $7.29 + $1,250 = $1,257.29 -- (that's the new balance after one month) Do the same thing for month 2 and you will get a new balance of $1,264.62. Subtract the original loan and you get: $14.62
Wiki User
∙ 16y ago
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What type of interest is better to have when applying for a loan?
A+ Simple Interest
Difference between simple and compound interest?
Simple interest is based on the original principle of a loan. Simple interest is generally used on short-term loans. Compound interest is interest added to the principal of a deposit or loan so that the added interest also earns interest from then on.
When a borrrower pays back a loan both the principal and the interest must be repaid what is the total amount you would pay back on a simple interest loan with a principal of 10500 at 6.3 percent for?
Simple interest means the interest is calculated one time on the total principal of the loan. Therefore, you would pay back $11,161.50 on this loan. However, simple interest loans are very uncommon; most loans in life have compound interest.
Which type of interest is better to have when applying for a loan?
compound
How do you take out a simple interest loan on a car at 14289 The interest rate is 3.5 percent for 5 years How many will you pay in interest during the term of the loan?
2,500.58 (A+)
Is a simple interest loan calculator simple?
Yes, usually these calculators just allow you to put in the principal amount of the loan, number of months the loan is over, and the interest rate and it helps you figure out your problems.
What is the maturity value of a loan of 49583 after 18 months if the loan carries a simple interest rate of 8.3 per year?
It is 80547.58
What is a simple interest in math?
Simple interest is interest that is calculated only on the amount of unpaid principal on a loan. Such interest is not added to the value of the loan but is tracked separately. Compound interest is interest that is calculated on the total of unpaid principal and accumulated interest on a loan. The difference is in simple interest there is no interest charged on accumulated interest while in compound interest there is interest charged on accumulated interest.
Definition of simple interest?
Simple interest is a term that is used for quickly calculating the interest charge on a loan.
What type of interest is better to have when applying for a loan?
A+ Simple Interest
Is the interest accrued on a student loan simple or compound interest?
its compound interest
Difference between simple and compound interest?
Simple interest is based on the original principle of a loan. Simple interest is generally used on short-term loans. Compound interest is interest added to the principal of a deposit or loan so that the added interest also earns interest from then on.
What is the simple interest rate of a 525 loan at 4.5 for 60 days?
The simple interest on a 525 loan at the rate of 4.5 percent for 60 days is 3.9375.
What is the simple interest on a loan of 5 700 at at 5.3 for 4.5 years?
The simple interest on a loan of 5 700 at 5.3 percent for 4.5 years is 1359.45.
What is the difference of simple interest and simple discount?
Simple interest refers to interest that is only paid on principal. Simple discount refers to the amount that is deducted from the amount of the loan.
When a borrrower pays back a loan both the principal and the interest must be repaid what is the total amount you would pay back on a simple interest loan with a principal of 10500 at 6.3 percent for?
Simple interest means the interest is calculated one time on the total principal of the loan. Therefore, you would pay back $11,161.50 on this loan. However, simple interest loans are very uncommon; most loans in life have compound interest.
What is the simple interest of a loan for 1ooo with 5 percent interest after 3 years?
Simple interest = 1000 * 5/100 * 3 = 150
