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If you borrow $1,700 and agree to repay the loan in 7 equal annual payments at an interest rate of?
1. If you borrow $1,700 and agree to repay the loan in 7 equal annual payments at an interest rate of 14%, what will your payment be?
2. What if you make the first payment on the loan immediately instead of at the end of the first year?
2 Answers
- Dan BLv 71 decade agoFavorite Answer
Your payments will be $396.43.
If you make your 1st payment on the date you take out the loan, you will save the 1st year's interest (about $240) and pay off the loan 1 year earlier (end of the 6th year). You still borrowed $1700.
- cappsLv 44 years ago
it is a trick personal loan. in holding with how that is reported you're able to pay 12% annual %, which translates to $one hundred and twenty the first twelve months , then 12% on the unpaid stability the subsequent twelve months and so on for 5 years. If the deepest loan has a prepayment penalty paying it early received't avert a lot; likewise paying the finished aspect in a million twelve months would nevertheless value you larger than 12%. precisely how the deepest loan is written will verify how much better than 12% in finished interest you're going to pay.
