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    monkey411's Avatar
    monkey411 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Feb 8, 2012, 03:09 PM
    Help me with my math?
    LOANS Jeremy borrowed $1600 to buy a computer at 8.5% interest. If he pays the Loan back over 2 years, how much will he pay back including interest?
    ballengerb1's Avatar
    ballengerb1 Posts: 27,378, Reputation: 2280
    Home Repair & Remodeling Expert
    		  
    #2

    Feb 8, 2012, 03:20 PM
    Nobody can answer this question because too many details are missing. Loans are not this simple. Is he paying 8.5% each year only on the unpaid remainder after each payment and how much and how often did he pay?
    Stratmando's Avatar
    Stratmando Posts: 11,188, Reputation: 508
    Uber Member
    		  
    #3

    Feb 8, 2012, 07:56 PM
    My Math says that it could be $50,000 by the time they are done.

    Sure hope not.
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
    		  
    #4

    Feb 8, 2012, 07:59 PM
    For simple interest the formula is:
    Principal * Rate * Time = Interest
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