1% equates to 1/100 of a number .
So 1% of the loan can be found by multiplying the amount of loan by 1/100.
And this is equivalent to dividing the loan amount by 100.
EXAMPLE : Say loan = $15,000, then 1% = 15000/100 = $150.
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75000*(1.06)30 = 430,761.83797 Call it 430,762
You figure what two tenths of one percent of an amount is by multiplying that original amount by 0.002 The result is two tenths of a percent of that amount.
6 years
1600
That would depend on the original principal (the amount you borrowed) and how they compute interest.