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How do I create a formula to calculate cost per thousand Example Loan amount of 133000.00 x 3.00 per thousand?
Sshoward72
You know the cost per thousand. What you want to calculate is the total cost
for some number of thousands.
Cost = (cost per thousand) x (how many thousands)
If the loan amount is 133,000 (one hundred thirty-three thousand), then
there are 133 thousands in it.
The cost of the loan is (cost per thousand) x (how many thousands) = (3) x (133) = 399 .
Wiki User
∙ 8y ago
Wiki User
∙ 8y agoA formula for repayment of a loan depends on
- the sum borrowed (133000.00);
- the interest rate (3.00%);
- if the interest is compounded (NOT KNOWN), and if so, how often (NOT KNOWN);
- the period of the loan;
- whether the payments are uniform or change as the outstanding amount changes (NOT KNOWN).
As you can see, there are too many unknowns to make a sensible stab at the answer.
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