What would payments be on a 6000 loan?

What would payments be on a 6000 loan?

For example, you could receive a loan of $6,000 with an interest rate of 9.56% and a 5.00% origination fee of $300 for an APR of 13.11%. In this example, you will receive $5,700 and will make 36 monthly payments of $192.37.

What is the formula for ordinary interest?

Use this simple interest calculator to find A, the Final Investment Value, using the simple interest formula: A = P(1 + rt) where P is the Principal amount of money to be invested at an Interest Rate R% per period for t Number of Time Periods. Where r is in decimal form; r=R/100; r and t are in the same units of time.

How do you calculate exact or ordinary interest?

The interest formulas for both ordinary and exact interest are actually the same, with time slightly differing when given as number of days. Interest is the sum paid for the use of money….Formula to calculate ordinary and exact rate of interest

  1. 360 days = 1 year.
  2. 30 days = 1 month.
  3. 365 days = 1 year.

How do you find the original amount of a loan?

We can calculate an original loan amount by using the Present Value Function (PV) if we know the interest rate, periodic payment, and the given loan term….We can input any of the following as the rate:

  1. 0.0125.
  2. The cell containing the interest rate divided by 12.
  3. 15%/12.

How much would a payment be on a $30000 car loan?

To illustrate this, here are the first few monthly payments on a $30,000 car loan with a 60-month term at 5% interest. The payment is $566 per month, but the interest/principal allocation changes over time.

What is the original amount of a loan called?

The principal is the original amount of a loan or investment.

How do you calculate the monthly interest rate?

To calculate the monthly interest, simply divide the annual interest rate by 12 months. The resulting monthly interest rate is 0.417%. The total number of periods is calculated by multiplying the number of years by 12 months since the interest is compounding at a monthly rate.