The question cannot be answered. 1.094171 monthly is not equivalent to 2.25 APR. So the question contains inconsistent information.
total cost= monthly payment [1-(1+APR)to the power of -n/APR
8% compounded monthly is equivalent to an annual rate of approx 152% . 8.5% compounded six monthly is equivalent to "only" 17.72% so the first is clearly larger.
<?php $month = 360; //How many month you have for payment $monthlyPayment = 671.96; //Your monthly payment $moneyBorrowed = 99000; //How much you borrowed $totalPaid = $month * $monthlyPayment; //Number of months * Monthly payment $APRequ = $moneyBorrowed / $totalPaid; //Money Borrowed * Total money paid back $APRMonthly = abs($APRequ-1); //Returns the absolute value of the monthly APR $APR = $APRMonthly * 12; // Monthly APR to get Yearly APR echo $APR; ?>
You have failed to tell us to what period of time the 9½% interest is applied - is it Yearly, Monthly, Daily (if only - I can but dream). I will guess that it is 9½% APR simple interest. With Simple Interest, the interest is gained only on the capital and not any interest reinvested. → 1 year's interest is 9½% of 3500 = 9.5/100 × 3500 = 332.50 → 1½ years interest = 1½ × 1 year's interest = 1.5 × 332.50 = 498.75
19.2
$750 / month in interest rates.
The question cannot be answered. 1.094171 monthly is not equivalent to 2.25 APR. So the question contains inconsistent information.
Your monthly payment, assuming you have quoted the interest rate correctly, should be $165.83 if you pay this off in one year (12 monthly payments)
total cost= monthly payment [1-(1+APR)to the power of -n/APR
APR is calculated by multiplying the amount of the loan by the interest rate. Next divide by the length of time of the loan to get the monthly APR amount.Ê
The monthly rate is 1.22%, approx.
Yup, you will owe a lot of interest, because a monthly minimum payment just keeps the card current and upto date. Whatever is your APR divide that by 12 is your monthly interest on the balance at that time.
17.5
1333.67 pounds in interest if you also repay the capital with a constant monthly repayment of 111.12pounds, if you repay only interest you pay 2384 pounds over the 4 years.
The interest you pay will gradually change as you pay down your mortgage. It is called amortization and you can either ask your lender for an amortization table or use the related link to calculate it for yourself.
The maximum APR is 5 percent unless agreed upon in writing. This does not count loans for real property, business, or farming. If a judgment is received, the interest is set at 10 percent.