Asked by Linda

What is the interest payment on $16,000 at 5% interest amortized over 16 months with $1,000 payment per month

14 years ago

Answered by Ms. Sue

16,000 * 0.05 = 800

(800/12) * 16 = ?

14 years ago

Answered by Reiny

This question puzzles me

If you owe $16,000 and your payments are $1000 a month for 16 months, there would be not interest at all.

14 years ago

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