Posted by **delphine** on Saturday, December 17, 2011 at 10:51am.

a friend barrowed $5,000.00. I charged him 12 percent intrest. he paid it off over a 10 month period. Now what is the intrest total that he owes me? I thought I had it figured out and he said it not right.

- finances -
**drwls**, Saturday, December 17, 2011 at 6:39pm
If this were a simple interest problem without regular monthly payments and late penalties, the interest due after ten months would be

(10/12)*0.12*5000 = $500.00

Most lenders do not do business that way. They want monthly payments of interest due and part of principal to eventually amortize (pay off) the loan, and huge penalties if you do not comply.

- finances -
**delphine**, Sunday, December 18, 2011 at 4:20pm
so does it make a dif on the total intrest he owes me if he makes monthly payments? he made monthly payments ut they were not always the same.

## Answer This Question

## Related Questions

- compound intrest - she borrowed 32,000 at 3.5% on december 26, 2012, and paid it...
- math - ok sam has a savings account that increased in value over a twelve month ...
- mathmatics - on the first day of march, a bank loans a man £2500 at a fixed rate...
- math - How much intrest will u earn on a 50 0 deposi placed in a asavings accoun...
- math - How much simple intrest would 1,000 earn in 275 days at an intrest rate ...
- Intrest Problem - Shawn Bixby borrowed 17000.00 on a 120-day, 12% note. After 65...
- finance - Richard likes the car price of $10,000 but financing through the ...
- business mathemathics - sharry made a desposit of $860 to open a savings account...
- Intrest - Carol Miller went to Europe and forgot to pay her 740 mortgage payment...
- Intrest Problem - Carol Miller went to Europe and forgot to pay her 740.00 ...

More Related Questions