Interest Only Loan Formula If You Borrow Money, You Have To Pay Interest On The Loan. The Formula That Is Used To Calculate Interest Is ?
If you borrow money, you have to pay interest on the loan. The formula that is used to calculate interest is ? - interest only loan formula
I = PRT, where I, the amount of interest on loans in U.S. R% P (decimal) for t years. Find the length of time it would be for a loan of $ 200 charged at a rate of 5% per annum and an interest payment of U.S. $ 60
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3 comments:
Go to bankrate.com
It will ask you all this information.
If you have questions like the future, you know where to go.
http://www.bankrate.com/brm/popcalc2.asp
I = PRT, as in what you know Plugs - 5 percent to convert to a decimal point and have x number of years (time) you want to know:
60 = (200) (.05) (x)
60 = 10x
= 6 x (6 years)
The interest for one year was $ 10, using the same formula, so that when interest rates $ 60, divided by 60 10 = 6th
I = Interest
P = Principal (amount you are borrowing)
R = Rate
(T = time for how long)
It's confusing. Try to reformulate the question.
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