The interest rate is given in the question. It is 3.5%.
The amount of interest paid on the loan depends on how much of the loan (if any) is paid back during the period of the loan. If there are no interim payments, the total interest at the end of 5 years is 2681.85 approx.
177.50
The simple interest over a period of five years is $463.70
To calculate the future value of a $900 annuity payment over five years at an interest rate of 9 percent, you can use the future value of an annuity formula: FV = P * [(1 + r)^n - 1] / r, where P is the payment amount, r is the interest rate, and n is the number of periods. Plugging in the values: FV = 900 * [(1 + 0.09)^5 - 1] / 0.09. This results in a future value of approximately $5,162.80.
Five percent is five percent. But five percent of 200 is 10.
763.89
Five years ago, the interest rates on mortgages was only at 0.5 percent. As of today, interest rate on mortgage soared to 2.5 percent. That is 500 percent increase for the past five years.
Eleven..? months? years?. Simple or compound interest?
67.57
177.50
463.72
Typically the modification is for five years. After five years the interest rate goes up by 1 percent until it tops out at 5.###. Fair market rate.
He would make 250*(5.4/100)*5 = 67.57
13,807.50
"4045.50"
Five hundredths of one percent !
700
$10,455 a+ls