if I get 1200 per month on an interest only loan and the principal balance is 120,000; what is the interest rate?
- SumDudeLv 76 months ago
- Barkley HoundLv 76 months ago
The annual interest rate is 12%
- PLv 76 months ago
Interest Only payment of $1200?
1200*12= 14400 in interest per year which is 12% of $120k. Your yearly rate is 12%
- A HunchLv 76 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?