Question:
If the loan option is 7% interest for a five year loan and the fee is %8,250, how would you find the monthly payment, total amount paid and the total interest paid?
I know this question may seem confusing and so if you dont understand it, i'm sorry. :) But if you do, could you please tell me the answer and HOW you got it?
And if i'm missing something in the question, could you please tell me what?
THANKS!!!
Answers:
$163.36 would be the total payment provided that there aren't any closing cost, origination fees, or lender finance charges added into the loan, of that $25.86 per month will be interest and $137.50 per month will be your principal. The total paid would be $9,801.59. Total principal $8,250 and $1,551.59 interest over the life of the loan. I have a mortgage calculator which does all of the work for me. ;-) You can purchase one if you're interested at the link below. Hope this helps...
try these calculators... they may help
http://aacefcu.org/html/tools_calculator...
You can visit http://www.cashguru.info and find very useful tips and several articles on credit related matters.
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