How Do I Figure Interest Only Payments And Repay A Personal Loan? The Loan Amount Will Be $20,000, The Interest Will Be 11%, The Repayment Period Will Be Either 2 Years Or 3 Years.


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jay jerome Profile
jay jerome answered

(0.11/12) x $20,000 = $183.33

$183.33 is the interest on $20,000 for one month.

Many interest only loans you will pay $188.33 for 2 or 3 years.

You will have to check the financial terms and conditions of your
loan to verify. Check with the financial institution where you
would like to obtain the loan from to see if they have variations
to the amount of interest paid.

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