Question
john borrowed $650 from credit union . interest rate is 7.9% , and takes loan for 6 months . what will be his monthly payment to repay loan plus interest ?
Answers
Damon
If this is simple interest then the interest in 1/2 a year would be
(1/2)(.079)(650) = 25.675
(650 + 25.675)/6 = 112.61
If this is some kind of compounded or declining balance (mortgage) type loan then you have not provided enough information.
(1/2)(.079)(650) = 25.675
(650 + 25.675)/6 = 112.61
If this is some kind of compounded or declining balance (mortgage) type loan then you have not provided enough information.
Aaron Lettman
112.61