close
    1. Home
      2. ›
    2. Business & Finance
      3. ›
    3. what is the rate of interest on $8000 interest on a principle of $240000 for 5 mo?
    what is the rate of interest on $8000 interest on a principle of $240000 for 5 mo?

    Answer this
    +1  Views: 700 Answers: 2 Posted: 13 years ago
    Comment this question

      2 Answers

      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%.

      13 years ago. Rating: 0
      Comment this answer

        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.

        13 years ago. Rating: 0
        Comment this answer



          Did this answer your question? If not, then ask a new question.
          Related Questions In This Category
          Nhà Cái SHBET
          Answers: 0 | Views: 27 | Rating: 0 | Posted: 3 days ago
          SunWin - Trải nghiệm giải trí đỉnh cao
          Answers: 0 | Views: 14 | Rating: 0 | Posted: 1 day ago

          Top contributors in Business & Finance category

           
          ROMOS
          Answers: 97 / Questions: 0
          Karma: 4305
           
          Colleen
          Answers: 215 / Questions: 0
          Karma: 4020
           
          Benthere
          Answers: 1 / Questions: 0
          Karma: 1905
           
          Ducky
          Answers: 35 / Questions: 0
          Karma: 1890
          > Top contributors chart
          488280
          questions
          724854
          answers
          820191
          users