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

2 answers

16,000 * 0.05 = 800

(800/12) * 16 = ?
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.