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18 June, 01:30

How much interest is paid on a 52,000 loan if the monthly payments are 450.23 for 30 years? h of these equations shows how installment loans are calculated?

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  1. 18 June, 01:33
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    To find out the rate of the interest of the loan we will divide the amount paid by the amount of money borrowed and multiply the quotient with 100. Say,

    450.23 : 52, 000 = 0.008658

    0.008658 * 100 is 0.87%

    Therefore, the rate of interest is 0.87% per month.

    If this loan is paid monthly within 30 years. The loaner would pay 162, 082.8 in 360 months or 30 years.
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