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Pls Accountants & Bankers In The House by router123(m): 10:38pm On Mar 15, 2017 |
HOW DOES INTEREST RATE WORKS ON LOANS CAN ACCOUNTANT & BANKERS IN THE HOUSE ENLIGHTEN ME. I know it works like compound interest but what I want to get right is that if they say 20% interest rate do I have to pay 20% of the loan every month until I pay it off? Cos when I worked out interest on a loan of 500k, I was getting to realize I will pay 1.8k at the end of the year. Is there something am missing out? |
Re: Pls Accountants & Bankers In The House by emandman: 11:02pm On Mar 15, 2017 |
20% of 500k spread over a year. U paying 600k in total |
Re: Pls Accountants & Bankers In The House by router123(m): 12:38am On Mar 16, 2017 |
emandman: pls explain. 20% of 500k is 100k. If I pay 100k every month for one year, that is 1.2million plus the principal equal 1.7million plus all kind of charges. Pls which of these two is right? |
Re: Pls Accountants & Bankers In The House by tedimola(m): 2:33am On Mar 16, 2017 |
The 100k pyt is per annum, so u won't be paying 100k every month. The 100k interest will be spread over the year. If u borrow 500k at 20 percent, then at the end of the year you would have to pay back 600k. That will be 50k per month for 12 months. |
Re: Pls Accountants & Bankers In The House by ekmike(m): 7:59am On Mar 16, 2017 |
interest rate is charged per annum. To derive your monthly interest payment, simply multiply the annual interest by 1/12 |
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