How much a person can pay Monthly and Yearly if this person has a debt of 59,0000 with 6.8%?

Question

Please help. I try to help out my friend to figure how much he has to pay monthly and yearly. I will try to support him emotionally through this hard time.

Can someone help us out by figuring it out how much this person has to pay Monthly?

How long will it takes this person to pay off the loan?

Please write down the step to figuring out the numbers!

Thanks in advance.I really appreciated.

Answer 1

you said his debt, but not his income, that affects how much he can pay.

and to figure out how much he has to pay per month, you at least need to know the term,  ie. how much per month if he wants it paid in 10 years, etc.

Answer 2

It depends on how many years and what type of loan is it  ie simple interest, etc.

Go to bankrate.com and use one of the loan calculators on the site.

http://www.bankrate.com/brm/rate/calc_ho...