posted by .

If I borrow $60,000 at 5.5% interest for a year, how much interest will I pay?

  • math -

    60,000 * 0.055 = ?

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. math

    Say i have a mortgage of 200,000. One bank offers 5.oo%. The other offers 5.23% How do i calculate the interest paid over say 5 yrs. thanks You haven't given us enough information to calculate the interest. You need to know how much …
  2. math

    If you borrow $15,000 from your dad for college and you agree to pay him $25,000 back at 8% compound interest per year. How many years do you think you have to do this?
  3. Math

    a man borrowed $85,000 of wich he pays a part of at 9% interest and the rest at 12% if his total interest payment is $9300 per year how much did he borrow at each rate of interest ?
  4. Discrete Mathematics

    You borrow $100,000 for a conventional 30 year mortgage at a 4% interest rate. Which is the first year, where years are 1-30, where you will pay more principal than interest?
  5. math

    Belle had the choice of taking out a four year car loan at 8.5% simple interest or a Five year loan at 7.75% simple interest. If she borrows $15,000, how much interest would she pay for each loan?
  6. 5

    5. Assume you borrow $5,000 today and pay back the loan in one lump sum four years from today. You are charged 8 percent interest per year. What amount will you pay back and how much interest will you pay?
  7. Math

    Sue can either borrow 10,000 dollars for 5 years with a simple interest of 7% annually or an interest which compounds annually for 6%. How much more money, rounded to the nearest dollar, would she have to pay back for the more expensive …
  8. Quantitative Business Analysis

    John runs a florist shop in a small Arkansas town and had to borrow $170,000 to start up the shop. He was able to borrow some from the state business development office at 4% but the rest he had to borrow from a "friend" who charged …
  9. Math: Personal Finance

    Over the past 30 years, interest rates have varied widely. The rate for a 30-year mortgage reached a high of 14.75% in July 1984, and it reached a low of 4.64% in October 2010. A significant impact of lower interest rates on society …
  10. math

    suppose you borrow RM 14,000 at a rate of 10.0 % and must repay it in 5 equal installment at the end of each of the next 5 years.How much interest would you have to pay in the first year?

More Similar Questions