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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.
What else can I help you with?
What is monthly interest payment on a 10000 loan for 5 years at 9.5 percent interest?
79.17
Evelyn has taken out a college loan. She needs to pay 500 every month for two years to repay the loan. What kind of loan does she have?
Evelyn has a fixed-rate student loan. This type of loan typically requires consistent monthly payments over a specified term, in her case, two years, making it easier for borrowers to budget their finances. The fixed monthly payment ensures that she pays off the loan in equal installments until the balance is cleared.
What would be the monthly payment on a 90000 mortgage at a rate of 7.5 percent interest for 30 years?
677.00
What describes how a fixed rate mortgage works?
A fixed rate mortgage is a loan to buy a house and/or property in which the interest rate charged is 'fixed' or does not change. For instance, if you take out a 30-year fixed rate mortgage, you will have the same interest rate for the first payment as you will for the last payment, 30 years later.
What is monthly interest payment on a 10000 loan for 5 years at 14 interest?
$10,000 X 14% (interest) : $1,400 p.a. X 5 yrs: $7,000 over the 5yr (60 months) period. The monthly interest payment will be $116.67
What is a business loan calculator?
A Business-Loan Calculator calculates terms for fixed-rate loans Which you can find by searching and you need This information to use the loan calculator: Loan amount Interest rate Term years Additional monthly payment Monthly payment Total interest Average monthly Interest Number of years
If you take a home loan for 250000 toady at a 7 fixed rate for 25 years how much will the monthly payment be?
To calculate the monthly payment for a home loan of $250,000 at a fixed interest rate of 7% over 25 years, you can use the formula for a fixed-rate mortgage payment, which is ( M = P \frac{r(1 + r)^n}{(1 + r)^n - 1} ). Here, ( P ) is the loan amount ($250,000), ( r ) is the monthly interest rate (7% annual rate divided by 12 months, or approximately 0.005833), and ( n ) is the total number of payments (25 years times 12 months, or 300). Plugging in these numbers, the monthly payment comes out to approximately $1,755.74.
I have heard that a fixed rate is better. Is this correct?
A fixed rate would be exactly that, the same monthly payment for say 20 years or however many years your payments are for. A fluctuating rate differs slightly from month to month. The best way to know what one is for you is to speak with a mortgage broker.
What is monthly interest payment on a 10000 loan for 5 years at 12 percent interest?
The monthly interest is 100.
How much for 40 in 25?
The price of a home is $180,000. The bank requires a 20% down payment for 15 years at 4%. what is the monthly payment
What is monthly interest payment on a 10000 loan for 5 years at 9.5 percent interest?
79.17
What is monthly interest payment on a 12000 loan for 5 years at 9.5 percent interest?
95
What is the monthly payment on a loan of 20000 for 5 years at 5 percent interest?
5 percent
What is monthly payment on 12000 loan at 5 percent interest over 5 years?
226.45
What is the monthly payment for the simple interest amortized loan of 5000 at 4.5 for 4 years?
To calculate the monthly payment for a simple interest amortized loan of $5,000 at an interest rate of 4.5% over 4 years, first determine the total interest: ( \text{Interest} = 5000 \times 0.045 \times 4 = 900 ). The total amount to be repaid is ( 5000 + 900 = 5900 ). Dividing this total by the number of months (48 months for 4 years) gives a monthly payment of ( \frac{5900}{48} \approx 122.92 ). Thus, the monthly payment is approximately $122.92.
How can you lower your monthly car payment?
You can lower your monthly car payment by making a larger down payment, so that you borrow less money in total. You could also choose the loan with the longest term, for example, paying $250 per month for five years instead of $417 per month for three years.
Evelyn has taken out a college loan. She needs to pay 500 every month for two years to repay the loan. What kind of loan does she have?
Evelyn has a fixed-rate student loan. This type of loan typically requires consistent monthly payments over a specified term, in her case, two years, making it easier for borrowers to budget their finances. The fixed monthly payment ensures that she pays off the loan in equal installments until the balance is cleared.
