What is the loan payoff?

by John
(Woodbury)

What is the total loan payoff? Amount borrowed $4500. Interest rate 5.0% 20 year loan no payments made.


Answer

I assume that you mean the total cost of the loan over the 20 years. The total loan cost is $4500 (principal paid) plus $2627 (interest paid) for a total of $7127. You can get the answer for other amounts at loan amortization.

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Installment Loan Payoff

by Anonymous

What is the payoff on a $10,000 loan with an interest rate of 6 percent for 36 months, if I want to pay it off after only 14 payments.

Comments for Installment Loan Payoff

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Feb 13, 2010
Payoff Calc
by: Dee Reavis

The answer to the question is $6,322.91.

The way to find the answer with a financial calculator is as follows:

1. Calculate the payment for the loan. Be sure to put 12 payments per year. (The payment for this example is $304.22)

2. With those numbers in your financial calculator, enter the number of payments after which you want to find the payoff. (In the question above the number was 14 payments)

3. The final step is to just press the FV or future value button. (Your answer for the question above is $6,322.91)

If you have a financial calculator, try it.

If you would like to see a web page that has a calculator that performs this calculation, please leave a comment.

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Auto loan new car

by Nancy Dunn
(Houston TX )

I need steps that help me understand the amount of interest we are paying monthly. If I pay more on the principle it seems they charge us more interest...this does not make sense....need the way as I know the amount that we financed.

Answer

You need a loan amortization schedule. Go to the link above and put in the particulars of your loan. It will calculate the amount of interest and principal you pay each month for the life of your loan. Just be careful if you decide to print it. It wants to print 10 pages every time.

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