I have taken a loan for $35,000 ant 13.5% APR. I have not been making any payments for the last 30 months. Can anyone please tell me what would be my total amount (principal+interest) if I want to pay the complete amount and close the loan today. It will be of great help if someone can show the calculation also.
thank you
The interest rate is constant and is compounded monthly. There is no late fees or any kind of penalty.
Hello there,
here is you total amount to pay and close the loan.
35,000 by 13.5 = 472,500 divided by 1200 = 393.75
so 393.75 is you monthly interest on the money borrowed…
393.75 by 30 month = 11,812.50
total amount to close the loan will be 35,000 + 11,812.5 = $46,812.50
Good Luck
Hello there,
here is you total amount to pay and close the loan.
35,000 by 13.5 = 472,500 divided by 1200 = 393.75
so 393.75 is you monthly interest on the money borrowed…
393.75 by 30 month = 11,812.50
total amount to close the loan will be 35,000 + 11,812.5 = $46,812.50
Good Luck
References :
You will have to call the loan company to get the exact loan pay off amount, the amount will have to calculated to the day it is paid off.
References :
It would depend on how its compounded. If compounded monthly. 1st Month interest payment $393.75 (Now you have a balance of $35,393.75 2nd Month interest payment $398.18 for a balance of $35,791.93, etc.) You would first need to tell us how the interest is compounded. Also are late fees applied, is the interest rate constant?
References :