What is interest on principal of 31,500 for 5 years at
1.9%? It's for a car loan so it's not 31,500 x .019 x 5. There is probably another calculation.
What is interest on principal of 31,500 for 5 years at
1.9%? It's for a car loan so it's not 31,500 x .019 x 5. There is probably another calculation
If it is a car loan, then the accurate way of doing it is as follows:
1) You have to calculate a monthly payment on the loan, which comes to =$550.75 per month.
2) Then you multiply $550.75 x 60 months in 5 years =$33,045.00
3) $33,045.00 - $31,500.00 =$1,545.00 total interest on car loan for 5 years.
