Borrows $10000.annual interest of 11%.pay back in equal monthly payments over 5 years. what is total interest?

Question

Borrows $10000.annual interest of 11%.pay back in equal monthly payments over 5 years. what is total interest?

Answer 1

6850.58

Answer 2

$3,045.20 in interest

Answer 3

3045.45

Answer 4

Here this should help.... it is an ammortization schedule... It didnt show up very well.... but it would be 3045.50

Shoot for something like 7 percent and you can save over $1000, because the interest on that would be 1880.75

Next time you have a question like this.... search the web for an ammortization schedule calculator

Loan Amount 10,000.00   Payment Amount 217.42  

Total Interest 3,045.50   Maturity Date 06/13/2013

Total of Payments 13,045.50  

Payment No Mo/Year Principal Interest Balance Total Interest Paid

1 07/2008 125.75  91.67  9,874.25  91.67  

2 08/2008 126.91  90.51  9,747.34  182.18  

3 09/2008 128.07  89.35  9,619.27  271.53  

4 10/2008 129.24  88.18  9,490.03  359.71  

5 11/2008 130.43  86.99  9,359.60  446.70  

6 12/2008 131.62  85.80  9,227.98  532.50  

Interest Paid YTD 532.50  

7 01/2009 132.83  84.59  9,095.15  617.09  

8 02/2009 134.05  83.37  8,961.10  700.46  

9 03/2009 135.28  82.14  8,825.82  782.60  

10 04/2009 136.52  80.90  8,689.30  863.50  

11 05/2009 137.77  79.65  8,551.53  943.15  

12 06/2009 139.03  78.39  8,412.50  1,021.54  

13 07/2009 140.31  77.11  8,272.19  1,098.65  

14 08/2009 141.59  75.83  8,130.60  1,174.48  

15 09/2009 142.89  74.53  7,987.71  1,249.01  

16 10/2009 144.20  73.22  7,843.51  1,322.23  

17 11/2009 145.52  71.90  7,697.99  1,394.13  

18 12/2009 146.86  70.56  7,551.13  1,464.69  

Interest Paid YTD 932.19  

19 01/2010 148.20  69.22  7,402.93  1,533.91  

20 02/2010 149.56  67.86  7,253.37  1,601.77  

21 03/2010 150.93  66.49  7,102.44  1,668.26  

22 04/2010 152.31  65.11  6,950.13  1,733.37  

23 05/2010 153.71  63.71  6,796.42  1,797.08  

24 06/2010 155.12  62.30  6,641.30  1,859.38  

25 07/2010 156.54  60.88  6,484.76  1,920.26  

26 08/2010 157.98  59.44  6,326.78  1,979.70  

27 09/2010 159.42  58.00  6,167.36  2,037.70  

28 10/2010 160.89  56.53  6,006.47  2,094.23  

29 11/2010 162.36  55.06  5,844.11  2,149.29  

30 12/2010 163.85  53.57  5,680.26  2,202.86  

Interest Paid YTD 738.17  

31 01/2011 165.35  52.07  5,514.91  2,254.93  

32 02/2011 166.87  50.55  5,348.04  2,305.48  

33 03/2011 168.40  49.02  5,179.64  2,354.50  

34 04/2011 169.94  47.48  5,009.70  2,401.98  

35 05/2011 171.50  45.92  4,838.20  2,447.90  

36 06/2011 173.07  44.35  4,665.13  2,492.25  

37 07/2011 174.66  42.76  4,490.47  2,535.01  

38 08/2011 176.26  41.16  4,314.21  2,576.17  

39 09/2011 177.87  39.55  4,136.34  2,615.72  

40 10/2011 179.50  37.92  3,956.84  2,653.64  

41 11/2011 181.15  36.27  3,775.69  2,689.91  

42 12/2011 182.81  34.61  3,592.88  2,724.52  

Interest Paid YTD 521.66  

43 01/2012 184.49  32.93  3,408.39  2,757.45  

44 02/2012 186.18  31.24  3,222.21  2,788.69  

45 03/2012 187.88  29.54  3,034.33  2,818.23  

46 04/2012 189.61  27.81  2,844.72  2,846.04  

47 05/2012 191.34  26.08  2,653.38  2,872.12  

48 06/2012 193.10  24.32  2,460.28  2,896.44  

49 07/2012 194.87  22.55  2,265.41  2,918.99  

50 08/2012 196.65  20.77  2,068.76  2,939.76  

51 09/2012 198.46  18.96  1,870.30  2,958.72  

52 10/2012 200.28  17.14  1,670.02  2,975.86  

53 11/2012 202.11  15.31  1,467.91  2,991.17  

54 12/2012 203.96  13.46  1,263.95  3,004.63  

Interest Paid YTD 280.11  

55 01/2013 205.83  11.59  1,058.12  3,016.22  

56 02/2013 207.72  9.70  850.40  3,025.92  

57 03/2013 209.62  7.80  640.78  3,033.72  

58 04/2013 211.55  5.87  429.23  3,039.59  

59 05/2013 213.49  3.93  215.74  3,043.52  

60 06/2013 215.44  1.98  0.30  3,045.50

Answer 5

interest paid: $3045.45

Required Payment for a loan

P = (L * (1-(1+i)) * ((1+i)^n)) / (1-(1+i)^n)

where

L: loan amount

i: monthly interest rate  0.11/12

n: number of payment  60

P = 217.4242

Total paid in = P*n = 217.4242*60 = 13045.45

Interest paid = Total paid in - Loan = 13045.45 - 10000 = 3045.45

Answer 6

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