19.2
No, the APR is an annual rate, not a monthly rate.
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)
$750 / month in interest rates.
To calculate the monthly payment with APR, you can use the formula for loan payments: Monthly Payment P r(1r)n / (1r)n - 1 Where: P Principal loan amount r Monthly interest rate (APR divided by 12) n Number of monthly payments Plug in these values into the formula to find the monthly payment amount.
The APR is the rate plus certain fees over the life of the loan. If there are no fees, the rate and APR are the same. If there are fees, the APR is higher than the rate. The more fees, the higher the APR.
If it is 10.24% (per month), then the APR is 222%, but if it's 10.24% compounded monthly, then APR is 10.7345%
No, the APR is an annual rate, not a monthly rate.
APR is calculated by multiplying the amount of the loan by the interest rate. Next divide by the length of time of the loan to get the monthly APR amount.Ê
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)
The monthly rate is 1.22%, approx.
$750 / month in interest rates.
The question cannot be answered. 1.094171 monthly is not equivalent to 2.25 APR. So the question contains inconsistent information.
To calculate the monthly payment with APR, you can use the formula for loan payments: Monthly Payment P r(1r)n / (1r)n - 1 Where: P Principal loan amount r Monthly interest rate (APR divided by 12) n Number of monthly payments Plug in these values into the formula to find the monthly payment amount.
The APR is the rate plus certain fees over the life of the loan. If there are no fees, the rate and APR are the same. If there are fees, the APR is higher than the rate. The more fees, the higher the APR.
total cost= monthly payment [1-(1+APR)to the power of -n/APR
APR is the most useful measure of interest rate.
To calculate the monthly payment for a loan of $22,500 at a fixed APR of 12% over 30 years, you can use the formula for a fixed-rate mortgage: [ M = P \frac{r(1 + r)^n}{(1 + r)^n - 1} ] where ( M ) is the monthly payment, ( P ) is the loan amount, ( r ) is the monthly interest rate (annual rate divided by 12), and ( n ) is the total number of payments (loan term in months). With an APR of 12%, the monthly interest rate ( r ) is 0.01 (12%/12), and ( n ) is 360 (30 years x 12 months). Plugging these values into the formula results in a monthly payment of approximately $233.83.