Joreen

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what is the rate of interest on $8000 interest on a principle of $240000 for 5 mo?

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+1 Views: 829 Answers: 2 Posted: 14 years ago

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Clonge

Karma: 339240

8%. If you pay $8,000 in interest for 5 mos., then you pay $19,200 for 12 mos. (5/12=2.4; 2.4x$8,000= $19,200). $19,200/$240,000= .08 or 8%.

14 years ago. Rating: 0
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roxen

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Presuming the $250,000 is a first mtg for 30 years, most of the first payments are interest in the beginning of the contract, according to american finance traditionT therefore $8,000 divided by 5 =$1600.00, based on that payment, approximately, the interest on the loan would be about 6.5%, or or more, making the payment about $1580.17.

14 years ago. Rating: 0
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