If i get a $55,000 loan @ 6% for 30 years, what would my payments be?

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If i get a $55,000 loan @ 6% for 30 years, what would my payments be?

Frylock_80

Buy a mustang instead.

anon

$329.75

try www.bankrate.com

Big R

click here for you answer and fill in the blanks !!

http://www.bankrate.com/brm/popcalc2.asp

wisrebel13

get a second job !

business creature

what do you need the money for.

â™¥Cutie Emilyâ™¥

present value of loan = $55,000 = C x (1-1/(1+0.06)^30) / 0.06

C = 3995.7 = annual payment.

Assume payment is to be made annually and interest is compounded annually.

conradcarriker

the principle payment would be 55000/30 = 1,833.33 per year
the interest is 6% per year 55000 * .06 = 3300.00 per year

This brings you to a total of 5133.33 per year.

or$ 427.78 per month.

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