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asked 9 months ago
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If it's just simple interest, you just calculate 10% of $500 and add to the original loan amount:
$500 * .10 = $50.00
$500.00 + $50.00 = $550.00
Most loans have compounded interest, however, which figures 10% of the either the average loan balance monthly or on the remaining balance each month. If it is compounded interest, we would need to know what your monthly payment would be to calculate 10% on the remaining each month and tell you the total amount of interest you would pay on the loan.
$500 * .10 = $50.00
$500.00 + $50.00 = $550.00
Most loans have compounded interest, however, which figures 10% of the either the average loan balance monthly or on the remaining balance each month. If it is compounded interest, we would need to know what your monthly payment would be to calculate 10% on the remaining each month and tell you the total amount of interest you would pay on the loan.
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Guest
answered 9 months ago
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