Answer:
Annual interest rate for this loan. Interest is calculated monthly on the current outstanding balance of your loan at 1/12 of the annual rate.
Monthly loan payment is $400.76 for 60 payments at 7.5%.
Step-by-step explanation:
Calculate:PaymentAmount
?Loan amount:*Enter an amount between $0 and $100,000,000
$20,000
?Monthly payment:
$401
?Interest rate:*Enter an amount between 0% and 25%
7.5%
?Term in months:*Enter an amount between 1 and 480
60
Total interest paid:$4,045.51
Total payments:$24,045.51
