Alexander was charged $2,390 to borrow $10,000. this is to be paid back monthly over 5 years. His monthly payment $206.50.
Loan Amount: $10,000
Cost of loan: $2,390
Time: 5 Years x 12 Months = 60 Payments
$12,390 / 60 = $206.50
What is monthly payment?
- The minimum month to month payment is the slightest sum of cash a borrower can pay on a rotating credit account each month and still stay in great standing with a credit card company.
- Consumers who pay as it were the least month to month payments will conclusion up taking longer to pay off their equalizations and will pay higher intrigued costs compared to shoppers who pay more than the minimum.
- Revolving credit accounts permit customers to keep the accounts open for life as long as they stay in great standing with no delinquencies.
- Non-revolving credit accounts pay a central sum to the borrower at advance endorsement and require the borrower to reimburse the foremost additionally intrigued in a settled payment plan.
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