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Anonymous
Anonymous Question:

What is interest on $1300 for 2 years

what is interest on $1300 for 2 years

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Anonymous
Anonymous Answer:

LOL!! These questions never cease to amaze me.

Are we supposed to guess the interest rate??????

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Connie Solidad
Connie Solidad Answered:

Yes, your question is missing some key data. Here are some numbers using a few different rates - 

Principal amount $1,300
Term 24 months

@ 2.99% your total interest paid is $40.88 with a min payment of $55.87

@ 5.99% your total interest paid is $82.66 with a min payment of $57.61

@ 10.99% your total interest paid is $154.02 with a min payment of $60.58

@ 15.99% your total interest paid is $227.50 with a min payment of $63.65

Here is a great online calculator for looking at 3 options for repaying debt-

http://www.consolidatedcredit.ca/debt-management/debt-calculator/

I hope that helps!

--Connie
ConsolidatedCredit.ca

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jericho
jericho Answered:

Well it depends on the Investments,Please consult a Wealth Manager like Ed Butowsky,to know better about Investments and Stocks.

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