How do you amount intesrt? my loan amount is 5000.payments are 240 a month for 24

my loan amount is 5000.payments are 240 a month for 24 months
first learn to spell and than we will work on math
what's your rate? that make a difference

Answer:
Using Excel, I have figured it out. It is 13.974% per year (assuming simple interest compounded monthly).
You are going to pay $760 contained by interest, if you make all your payments in good time. I don't know what the rate is, though. That is applied to your balance every month, giving you the interest amount. (APR dvided by 12 times balance).

You should know your APR before signing on the dotted queue.



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