You should not have to pay all the interest charges, only those covering the time when your loan was outstanding. However, depending on state law, the loan may have a pre-payment clause that requires payment of an additional fee if the load is paid off early. That would be a small amount compared to the rest of the interest. You will need to read your contract.
$750 / month in interest rates.
Your monthly payment, assuming you have quoted the interest rate correctly, should be $165.83 if you pay this off in one year (12 monthly payments)
People and businesses can ask for loans (borrowed money generally from a bank, but can be from an organization, person, etc.).The one who asked for a loan must return the exact money PLUS an extra fee (which is decided by the bank, organization, person, etc.) This extra fee generally is a percentage of the amount of money you borrowed, and it is called an interest rate.eg. I borrowed 100 dollars from the bank. The bank told me the interest rate was 10%. In that case, when I return the money I will have to pay 110 dollars. Those 10 extra dollars (which is 10% of 100) come from the interest rate.
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.
He pays $696.50 interest.
$750 / month in interest rates.
Your monthly payment, assuming you have quoted the interest rate correctly, should be $165.83 if you pay this off in one year (12 monthly payments)
that depends on the interest perscent
5 thousand dollars
252
It depends on the interest rate agreed with the lender.
11000*3/100 = 330 dollars.
$60.00
People and businesses can ask for loans (borrowed money generally from a bank, but can be from an organization, person, etc.).The one who asked for a loan must return the exact money PLUS an extra fee (which is decided by the bank, organization, person, etc.) This extra fee generally is a percentage of the amount of money you borrowed, and it is called an interest rate.eg. I borrowed 100 dollars from the bank. The bank told me the interest rate was 10%. In that case, when I return the money I will have to pay 110 dollars. Those 10 extra dollars (which is 10% of 100) come from the interest rate.
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.
Seven percent.
There is not enough information in the question ! It depends entirely on what the interest rate is - and the length of time the interest is applied !