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You have a single payment loan for 3500.00 for 270 days at 9 percent annual interest. What is the interest amount and the money due at the end of the loan?
Wiki User
∙ 14y ago
Interest =0.09/365*270*3500 = $233.01 (approximate, depends on composite or accumulation terms)
Total = $3,500.00 + 233.01 = $3,733.01 (approximate)
Wiki User
∙ 14y ago
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How much interest only payment can one pay for a home equity line of credit?
The amount of the interest payment depends on two things which are, the loan amount and the interest rate. Normally, if your payment is set up to pay interest only then the amount of the payment would be the total amount of interest earned in one month.
How are interest and principal related?
Principle: is the beginning amount of money that is deposited or owed. For instance, you deposit $100 or you take on a loan that is worth $100. The $100 is your principle amount. Interest: Is the cost of borrowing. The higher principle, the higher interest payment you will have to pay because the interest due is a percent of the Principle.
What would be the monthly payment on 90000 mortgage at raate of 75 percent interest for 30 years?
At 75% interest and no other variables, the payment would be $5,625.00 per month. <><><> However, if you meant 7.5% (a more realistic interest rate) principal and interest would amount to 629.29 oer month. Add to that taxes and insurance.
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.
What affects the size of your monthly mortgage payment?
Your monthly mortgage payment is affected by the amount of the loan, the interest amount, and the length of time of the mortgage.
Why does a company that issues bonds between interest dates collect accrued interest from the bond's purchasers?
It makes the interest payment process easier - if accrued interest is collected when the bond is sold, then the payment to all bondholders is the same: the interest amount for 3 or 6 months, or whatever the payment period is
Why does a company that issues bonds between interest dates collect accrued interest from the bonds' purchasers?
It makes the interest payment process easier - if accrued interest is collected when the bond is sold, then the payment to all bondholders is the same: the interest amount for 3 or 6 months, or whatever the payment period is
Investing 450.00 at 3.5 percent annual interest or 400.00 at 4.5 percent annual interest What is the difference in the amount of interest that could be earned?
2.25
Why do principle and interest varies over time?
The answer is called amortization. In a typical loan payment, interest is calculated based on the outstanding principle balance. When the periodic payment remains constant the amount of that payment allocated to interest declines as the principle balance is reduced.
What is the average mortgage payment on 130000?
I don't think there is a such a thing as an average mortgage payment on any given dollar amount. The principal and interest payment depends on several factors besides the loan amount, primarily the interest rate and loan term(length of the loan). To keep it simple, a 130,000 mortgage at 4.5% for 30 years would be $658.69 for your principal and interest payment. If you could afford to do a 15 year loan, at the same interest rate, the monthly payment would be $994.49 and you would save nearly $60,000 in interest. If you change the interest rate, the payment could change significantly also.
You have a single payment loan for 10500.00 for 123 days at 15 percent annual interest. Calculate interest due and the repayment amount .?
Interest =.15/365*123*10500 = $530.75 (approximate, depends on composite or accumulation terms) Total = $10,500.00 + 530.75 = $11,030.75 (approximate)
How do I Calculate interest for a late payment on a simple interest loan?
You would multiply the rate of interest by the amount owed by the amount of time the payment is late. For example if you have a payment due of 100 dollars and it is 6 months over due at an interest rate of 5% annually you would first calcuate what is the monthly interest rate by doing .05/12 which would be .00417. Then you would multiply the amount owed (100) by the monthly interest (.00417) by the number of months (6). 100x.00417x6= 2.502 Therefore you would now owe $2.50 of interest plus the original amount due 100= $102.50.
