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

    Aug 20, 2010, 11:08 AM
    What is the first month's interest for 7,659.43 at .11% for 6 months
    What would be the first months interest payment be for a loan of 7,659.43 at 11% for 6 months?
    ROLCAM's Avatar
    ROLCAM Posts: 1,420, Reputation: 23
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    #2

    Aug 20, 2010, 05:31 PM

    1) 11/12 = .9166 % FOR 1 Month.
    2) 7,659.43 @ .9166% = 70.21

    Month's Interest = 70.21.
    morgaine300's Avatar
    morgaine300 Posts: 6,561, Reputation: 276
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    #3

    Aug 20, 2010, 11:17 PM

    Sorry, Rolcam. Yes, your answer is correct, but it looked completely strange and went over my head what you were doing. It might have helped if you'd written 11%/12, or .11/12. (It looked like 11 months out of 12 to me.)

    Principle x Rate x Time is the more common method:

    7659.43 x .11 x 1/12

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