What Is The Principle & Interest Due On Loan Of $150,000 With An Annum Interest Rate Of 12%?
Not sure how to figure
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The interest due on this loan after one year is:
12/100 x 150,000 = $18,000
but as far as the principal amount due annually is concerned, it depends on the conditions. If you are supposed to pay back the loan in three years with equal installment, then after the first year, you will pay
interest paid = $18000
Principle amount paid = $50,000
2nd year:
Loan amount left = $100,000
Interest paid = $12,000 at 12%
Principle amount paid = $50000
3rd year:
Loan amount left = $50,000
interest paid = $6000 at 12%
Principle amount paid = $50,000
12/100 x 150,000 = $18,000
but as far as the principal amount due annually is concerned, it depends on the conditions. If you are supposed to pay back the loan in three years with equal installment, then after the first year, you will pay
interest paid = $18000
Principle amount paid = $50,000
2nd year:
Loan amount left = $100,000
Interest paid = $12,000 at 12%
Principle amount paid = $50000
3rd year:
Loan amount left = $50,000
interest paid = $6000 at 12%
Principle amount paid = $50,000
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