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how to calculate simple interest for 6 months. You could use the simple interest formula to calculate monthly interest if you have an interest-only loan. I Interest Amount.
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After one year you will have 105 and after two years you will have 110. Convert the monthly rate in decimal format back to a percentage by multiplying by 100. Interest is paid on the total amount of money borrowed also known as the principal.
FV 5000 1 005 3 FV 5000 115 5750.
Convert the interest rate to a decimal value. Keep in mind that the bank or credit union wont take any of your initial deposit as a penalty. Interest rates are typically expressed as a percentage. The monthly payment on a 12-month 5000 loan will be 500012 or 41667 each month.
