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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?

Guest Apr 25, 2017
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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.

Guest Apr 25, 2017

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