David Saks: December 2014

David Saks - Real Estate Broker - The Real Estate Mart of Tennessee, Inc. - 4040 North Watkins-Suite #4 - Memphis, Tennessee 38127 - Phone (901) 357-4663

Real Estate Practice : Lesson 3866

A loan is dated April 15th, 2008. The amount of the loan is $17,000. The interest rate on the loan is 5% and the interest is payable quarterly. None of the interest has yet to be paid on the loan.

How much interest will be due on the loan if the interest is applied and becomes due on January 15th, 2009 ?

Answers are posted below the wildlife photo. Please take your time.

wildlife

A. $637.50

First, find the interest on 17k at 5% by multiplying 17,000 times .05 and we get $850.

Now divide 850 by twelve months and we get $70.8333.

Next multiply $70.8333 times nine months (April 15th to January 15th) and we get $637.50.

9/12 also equals 3/4 or 3 quarters of the interest. Each quarterly interest payment would have been $212.50.




David Saks



Time&Temp Memphis

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Comment balloon 0 commentsDavid Saks • December 22 2014 05:31AM
Real Estate Practice : Lesson 3866
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