In 2010 I loaned Johnnie $5000.00 @ the interest rate of 10%, he only made two payments. It is now 2012 and I would like to know what would the interest and pay out of this loan be?
When did he make those payments ?
Where they equal payments ?
He made the payment in June and July of 2010. The payment were $250.00 and they were made only twice. If I take him to small claims court I will need to know the correct amount.
Still not enough information.
you said "In 2010 I loaned Johnnie $5000.00"
When in 2010 ? On Jan1 ? on March 14th?
you have to know the number of days from the day the load was made to when the 1st payment was made,
e.g. suppose there were 65 days between the day the load was made and his first payment
Interest = 5000(65.365)(.10) = 89.04
so at the time of the first payment he owed you
$5089.04 , paid $250, leaving a balance of
4839.04
interest between 1st and 2nd payment
= 4839.04(30/365)(.10) = 39.77
leaving a balance of 4799.27
now calculate the number of days from his July/2010 payment to now, and find the interest as above.
Of course my initial 65 days was a guess, but is crucial.
Once you have those exact number of days, you of course will have to adjust the above calculations.
To calculate the interest and pay out of a loan, we need to know the interest rate, the amount of the loan, and the period of time for which the interest is being calculated. In this case, you have mentioned that the loan amount is $5000, and the interest rate is 10%.
To calculate the interest, we need to determine the period for which the interest is being calculated. However, you mentioned that Johnnie only made two payments and did not provide any information about the payment schedule or the dates of the payments. Therefore, it is not possible to calculate the interest for the specific period without more details.
Assuming you have additional information regarding the payment dates or the time elapsed since the loan was made, I can assist you in calculating the interest and the pay out.