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How much interest would you pay on 6000.00 for 24 months at 6 percent?
Wiki User
∙ 11y ago
This depends on the compounding periods, and the payment schedule. Assuming monthly compounding, and 6% per year, so the monthly rate is 0.06/12 = 0.005 {½ of a percent per month}. If you're borrowing for 24 months then paying the whole thing back at the end of 24 months, that's easy: FV = PV*(1+rate)^time,
so Future value {FV} = 6000*(1+.005)^24 = 6762.96, so the interest amount is 762.96 If making payments each month, then need to know how much each month. It's a little more complex, then.
Wiki User
∙ 11y ago
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