#2866
What would the quarterly interest be on a $600,000 loan which has an annual interest rate of 5.5% ?
Please take your time. The solution is below the royalty free wildlife photograph.
A. $8250
Multiply the annual interest rate of 5.5% times the loan amount of 600 thousand dollars and we find that the total annual interest is 33 thousand dollars.
Now divide 33 thousand dollars by 12 months and we find that one months interest is $2750.
We're looking for a quarterly interest payment, so 3 months equal one quarter of the year.
Multiply $2750 times 3 months and we see that the quarterly interest payment equals $8250.
Comments (0)Subscribe to CommentsComment