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How to calculate interest on a loan?
Asked by unknown
1 Answers
Take the interest rate and convert it into a decimal. For example, 7% would become 0.07. Next, figure out your daily interest rate (also known as the periodic rate) by dividing this by 365 days in a year. Next, multiply this rate by the number of days for which you want to calculate the accrued interest.
How does an home equity loan work?
Asked by unknown
1 Answers
Home equity loans work differently than traditional loans, acting as a line of credit. This means that the bank will approve to borrow up to a certain amount of your home, but your equity in the home stands as collateral for the loan. The interest rates are lower than they would be with a credit card.
How much to pay in interest each month?
Asked by unknown
1 Answers
Maximum monthly payment.:$1200.00.Annual interest rate:7.50% Total Interest on Loan. Using the minimum payment you'll pay $444.88($31.78 average per month) in total interest.