Question : How do i calculate interest rate on a loan I have taken out?
I have term, balloon, principal, interest charges but do not know how to calculate interest rate I am paying.
- asked by magicmerv2007
All Answers:
Answer #1
You need to look at your TRUTH AND LENDINGstatement. It will be located in your papers thatthey gave you when you closed your loan. If youdo not have it, call the bank. FYI....Note Rate= rate you payAPR = your rate plus ALL the feesyou got stuck with.The difference between theserates tells the truth of how hard you got nailed. Your term payment goes to pay for your 5, 10 or 15year term agreement. The rate of this term willbe different than the rest. ONCE THE TERM IS UPYOU WILL HAVE TO PAY THE REST OF THE MORTGAGE INONE PAYMENT. This is due to the balloon option onyour loan.
- answered by Arcangel005
Answer #2
Interest = (capital) x (interest rate) x (days) :36000
- answered by Vampir V
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measure and fulfill your financial needs
