Small Loan Rate Cap/math equation needed
Date: Thu, 12/14/2006 - 14:36
What is the math equation fo figure this out?
thanks
a
to figure this out you would need the length of the loan.. and i
to figure this out you would need the length of the loan.. and if you go to a credit union site anyone actually and look under loans they have a loan calulator even capital one web site has one.. or google loan calulator
Loan amount $ 300 (Do not use commas.) Loan term in years or
Loan amount $ 300 (Do not use commas.)
Loan term in years or months 1 years or 12 months
Interest rate * 36 % per year
* Find the best interest rates in your area for more personalized results.
Loan start date 12/13/2006
Monthly Payments: $ 30.14
So am I correct to say that a $300 would cost someone $30.14 x 12 = $361.68
So the total would be $661.68 for the 12 months?
Months Payments Interst Paid Principal Paid Balance 1 30.14 9
Months Payments Interst Paid Principal Paid Balance
1 30.14 9 21.14 278.86
2 30.14 8.37 21.77 257.09
3 30.14 7.71 22.43 234.66
4 30.14 7.04 23.1 211.56
5 30.14 6.35 23.79 187.77
6 30.14 5.63 24.51 163.26
7 30.14 4.9 25.24 138.02
8 30.14 4.14 26 112.02
9 30.14 3.36 26.78 85.24
10 30.14 2.56 27.58 57.66
11 30.14 1.73 28.41 29.25
12 30.14 0.88 29.25 Paid
thats what this says...
http://www.debtconsolidationcare.com/calculator/apr.php
If you want to figure out just the interest for a given period i
If you want to figure out just the interest for a given period it is a different calculation. Since most payday loans are only 14 days in length, I assume you want to figure out the interest for 14 days...
Here is the equation
36% (apr)
------------ X $300 X 14 days
365 (days/yr)
= 29.59 cents per day
x 14 days = $4.14 interest total in period
