What will quarterly interest payments be on a $16500 loan at 6.5\% interest for one year?

What will quarterly interest payments be on a $16500 loan at 6.5\% interest for one year?

What will quarterly interest payments be on a $16,500 loan at 6.5\% interest for one year? The answer is $268.13. $16,500 × 0.065 = $1,072.50; $1,072.50 ÷ 12 × 3 = $268.13 (rounded).

How much income do I need for a 250k mortgage?

How Much Income Do I Need for a 250k Mortgage? You need to make $76,906 a year to afford a 250k mortgage. We base the income you need on a 250k mortgage on a payment that is 24\% of your monthly income. In your case, your monthly income should be about $6,409.

How much do you have to make to get approved for a 250 000 mortgage?

How much income is needed for a 250k mortgage? + A $250k mortgage with a 4.5\% interest rate for 30 years and a $10k down-payment will require an annual income of $63,868 to qualify for the loan.

How many months will take $15000 to yield $1125 at 10\% interest?

How many months will it take for $15,000 to yield $1,125 at 10\% interest? The answer is 6.

What is PMT in loan?

PMT, one of the financial functions, calculates the payment for a loan based on constant payments and a constant interest rate. Use the Excel Formula Coach to figure out a monthly loan payment.

What is PMT in finance?

PMT. PMT or periodic payment is an inflow or outflow amount that occurs at each period of a financial stream. Take, for instance, a rental property that brings in rental income of $1,000 per month, a recurring cash flow.

How do I calculate compound interest on a loan?

Compound interest is calculated by multiplying the initial loan amount, or principal, by the one plus the annual interest rate raised to the number of compound periods minus one. This will leave you with the total sum of the loan including compound interest.

How do you find the principal on a $500 loan?

The principal was $500. STEP 1: Convert interest rate of 2\% per 6 months into rate per year. STEP 2: Convert 9 months into years. STEP 3: Find principal by using the formula , where I is interest, P is total principal, i is rate of interest per year, and t is total time in years.

How do you calculate interest on a loan Derek wants to borrow?

Derek would like to borrow $100 (usually called the principal) from the bank for one year. The bank wants 10\% interest on it. To calculate interest: This interest is added to the principal, and the sum becomes Derek’s required repayment to the bank one year later. Derek owes the bank $110 a year later, $100 for the principal and $10 as interest.

What is the formula to calculate loan amount?

To calculate the loan amount we use the loan equation formula in original form: P V = P M T i [ 1 − 1 (1 + i) n] Example: Your bank offers a loan at an annual interest rate of 6\% and you are willing to pay $250 per month for 4 years (48 months). How much of a loan can to take?

How long will it take $1000 to become $2K at 8\% interest?

It will take 9 years for the $1,000 to become $2,000 at 8\% interest. This formula works best for interest rates between 6 and 10\%, but it should also work reasonably well for anything below 20\%. Fixed vs. Floating Interest Rate The interest rate of a loan or savings can be “fixed” or “floating”.