In 2004 I loaned a friend $5,500. With the agreement cheap acomplia he could pay $150 a month at 8% interest until it is paid off…….I have no idea how to figure the interest to let him know when he will be finished paying it off?
How Can I Figure Interest On A Short Term Loan?
3 Responses to “How Can I Figure Interest On A Short Term Loan?”
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42 months at 8% annually. Thats 3 years, 6 months from the first payment. Interest total is $801.72.
Search interest calculator on the web. You’ll find many calculators to help you compute the interest on any loan.
There are a lot of loan calculators on the internet. Here is one.http://www.bankrate.com/brm/popcalc2.asp