SOLUTION: I loaned a friend $6,000.00 she said she would pay me 6% interest. She is paying me back at the rate of $50.00 a month. How long will it take for her to pay me back the princ
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Question 569557: I loaned a friend $6,000.00 she said she would pay me 6% interest. She is paying me back at the rate of $50.00 a month. How long will it take for her to pay me back the principal and interest. Found 2 solutions by ankor@dixie-net.com, JBarnum:Answer by ankor@dixie-net.com(22740) (Show Source):
You can put this solution on YOUR website! I loaned a friend $6,000.00 she said she would pay me 6% interest.
She is paying me back at the rate of $50.00 a month.
How long will it take for her to pay me back the principal and interest.
:
About 184 months, 15 yrs, 4 months!
:
You might want ask her to step it up to $100 a month; that would cut it down to about 72 months which is only 6 years
:
And she would pay about $2000 less interest
You can put this solution on YOUR website! well is the interest per month or year also is it compound interest or simple interest...without these variables its not possible to get the correct answer unless you want 4 answers to the question. please make sure the question has its specifics or its an incomplete question or ask for all 4 possibilities.
6%of 60000= 360 meaning total of 6360
so if its 6% a month its something like
pay the 50 first month
6360-50=6310 *.06=6688.6
6688.6-50=6638.6 shed never pay it off so i doubt this method
say just simple interes of 6% no per month or year.
6%of 60000= 360 meaning total of 6360
6360/50=127.2 months
.2*30=6 days
127/12=10.58
10years 7months 6days
the principle is simple 50*12months=600, 600*10years=6000, so 10 years for simple interest payback of the principle. another 7months and 6 days for the simple interest...idont know if this is the answer you arelooking for but good luck
either way i wouldnt lend someone 6 grand if they only paying me back 50 bucks a month or id charge compound interest atleast because of how long it takes them to pay it back but its just a question.
