Compound Interest
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Scenario: As a homeowner I need to take out a home equity loan for home repairs. Borrowing $10,000 how much will it cost in interest to pay the loan off in 5 years if compounded monthly. What is the difference in paying the loan off at the end of 5 years if simple interest is used.
I am also looking for a credible loan agency to find out what the interest rate would be, as a hypothetical.
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Solution Summary
This solution explains how to calculate both simple interest and interest compounded monthly.
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Need assistance with compound interest (not in excel)
Scenario: As a homeowner I need to take out a home equity loan for home repairs. Borrowing $10,000 how much will it cost in interest to pay the loan off in 5 ...
Purchase this Solution
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