if I get 1200 per month on an interest only loan and the principal balance is 120,000; what is the interest rate?

4 Answers

Relevance
  • 6 months ago

    Usury..........

    • Log in to reply to the answers
  • 6 months ago

    The annual interest rate is 12%

    • Log in to reply to the answers
  • P
    Lv 7
    6 months ago

    Interest Only payment of $1200?

    1200*12= 14400 in interest per year which is 12% of $120k. Your yearly rate is 12%

    • Log in to reply to the answers
  • 6 months ago

    How long is the term of the loan?

    What did the principle (not principal - your interest rate is not your "pal" unless it is 0%) start at?

    • Log in to reply to the answers
Still have questions? Get answers by asking now.