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A business offers its supplier a three-year, $150,000 loan with a 6% annual interest rate. Two times a year, interest exists to be paid. The amount of each interest payment stands at $4500.
What is interest rate?
The fee that the lender charges the borrower in addition to the principal amount is referred to as the interest rate. When determining the additional income, known as interest, that a person who deposits money in a bank or other financial institution receives, the time value of money is taken into account.
How is monthly interest determined?
The number of payments you will make during that year will lower the interest rate. If you have a 6% interest rate and a monthly payment schedule, you would divide 0.06 by 12 to get 0.005. The amount of interest you will be required to pay that month will be calculated by multiplying that amount by the entire amount of the outstanding loan.
A business offers its supplier a three-year, $150,000 loan with a 6% annual interest rate. Two times a year, interest exists to be paid. The amount of each interest payment stands at $4500.
(1,50,000 X 0.6 = 9000
9000 X 6/12 = 4500)
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