Need help calculating a loan re-payment!-E-Answer.Net

I took out a loan on March 10th for $37,000 at 6.5% interest. On 5/14 I paid back $14,000, on 5/27 I paid back $19,600, and on 6/2 I paid back $3400. I got everything paid back except for the interest. Could anyone help me calculate what the interest payment would be? Thanks in advance for the help!

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bbwebpup... Votes: +0	Well 6.5% per year per 1000 equals interest of 17.8cents a day per 1000 borrowed. .178 x 37 x 65 days = $428.29 .178 x 23 x 13 days = $ 53.22 .178 x 3.4 x 25 days =$ 15.13 $496.64 report abuse vote down vote up


Randy P Votes: +0	About $500 maybe just a little more. If it is a family memeber or a friend you need to see if that is sufficient. At most it will be $525. Do you not have a contract? Was this done on a handshake? If so I would just pay the $525. That way they are happy and you look like a really good guy. report abuse vote down vote up


stan c Votes: +0	If the add'l payments were applied towards the principal, the pay off shouldn't be that much, maybe $100.00, just call for the exact pay off. report abuse vote down vote up


googie Votes: +0	Sounds like a school problem which you should do yourself. How can you learn if someone else does the work for you? report abuse vote down vote up

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