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Personal Finance Question About Monthly Payments And Interest Paid On A Loan?

21 Jan

Posted by admin as Finance Q&A

If I take out $15,000 to buy a truck in two years and plan to take out a loan for 75% of the purchase price and pay it off over five years at 9% interest per year, compounded monthly what will my monthly payment be and how much interest will I pay on the loan?

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3 Responses

VK_FINA4

January 21st, 2010 at 7:48 am
1

The payments would be about 233.53 a month.
Gem

January 21st, 2010 at 7:48 am
2

You better ask yourself, how much is insurance (call a few companies) and how much is gas?
Our dropping gas prices are purely temporary as China has been working with a reduced economy for the Olympics and ParaOlympics to try and cut their pollution.
China will come back on line this month and our gasoline is going to shoot through the sky.
Trucks use lots of gas.
Good luck.
Lamica F

January 21st, 2010 at 7:48 am
3

your monthly pymnt would be around 204.38