How much interest would you pay on a loan of $1,230 for 15 months at 15 percent APR if the interest is 18.75 per $100?
How much interest would you pay on a loan of $1,230 for 15 months at 15 percent APR if the interest is 18.75 per $100?
The monthly payment @ 15% compounded monthly =$90.44
$90.44 x 15 - $1,230 =$126.60 Interest you would pay.
The monthly payment @ 18.75% compounded monthly =$92.62
$92.62 x 15 - $1,230 =$159.30 Interest you would pay.
