What is the value of $6,440.00 at 10% interest rate in 19 months?
Theresa are you trying to see how much your monthly payments wil be?
If your loan is $6440.00 with 10% interest for 19 months then your payment amount will be $367.90. I hope this helps.
It is a judgment I have been awarded by the courts and they were to pay 10% interest until it was paid and they are now willing to pay me 19 months later and I don't know how to figure the interest I should be paid
I assume that you want "simple interest" rather than "compound interest"
the interest would be 6440(.10)(19/12) = $1019.67
Add that to the 6440.00
To find the value of $6,440.00 at a 10% interest rate over 19 months, you can use the formula for compound interest:
A = P(1 + r/n)^(nt)
Where:
A = the final amount
P = the principal amount (initial investment)
r = annual interest rate (expressed as a decimal)
n = number of times that interest is compounded per year
t = time (in years)
In this case, the principal amount (P) is $6,440.00, the interest rate (r) is 10% (or 0.10 as a decimal), and the time (t) is 19 months.
First, we need to convert the time from months to years. Since there are 12 months in a year, we divide the time (19 months) by 12 to get 1.58 years (rounded to two decimal places).
Now we can substitute the values into the formula:
A = $6,440.00 * (1 + 0.10/1)^(1*1.58)
A = $6,440.00 * (1.10)^(1.58)
Calculating this expression, we find:
A ≈ $7,971.72
Therefore, the value of $6,440.00 at a 10% interest rate over 19 months is approximately $7,971.72.