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Richard
Richard, Tax Attorney
Category: Finance
Satisfied Customers: 53973
Experience:  29 years of experience as a tax, real estate, and business attorney.
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I need to calculate the interest owed (plus the principal)

Customer Question

I need to calculate the interest owed (plus the principal) for each of the 2 loans.
the loans are:
loan 1. 20,000.00 loan amount, 6% interest per annum, no monthly payments at all, the term is for 317.5 months.
then a lump sum payment will be made to pay off the loan.
loan 2. 7900.00. loan amount, 10% interest per annum, no monthly payments at all, the term is for 330.5 months.
then a lump sum payment will be made to pay off the loan.
I need the amout of interest accrued for each loan,
Add in the loan amount,
Then the total amount to pay off each loan seperately
Submitted: 1 year ago.
Category: Finance
Expert:  Richard replied 1 year ago.

Hi there. My name is ***** ***** I look forward to helping you. I will be happy to prepare amortization tables for you for each of these loans. I would have to do that for you through the Additional Services option offered by JustAnswer. If that would be helpful, let me know and I'll extend that offer and you can then decide whether or not to accept. Fair enough?

Customer: replied 1 year ago.
thanks Richard. I do not know what " the Additional Services option offered by JustAnswer" means. I asked the question based upon an agreed upon sum and made a deposit of $5.00 to show my sincerity. Just Answer offered to answer my question for a total of $17.00.
but that is not being done so far. Are you upgrading me to an additional charge service of some kind? Please explain. Thx Mel.By the way, I do not need ammortization schedules. I only need the total figures (numbers) that I requested. however ammortiazation schedules would also be fine and perhaps helpful
Expert:  Richard replied 1 year ago.

Good morning Mel. No, I'm not trying to upgrade you, but nor do I want to see your question go unanswered. I will be happy to provide you just the bot***** *****ne answers , but I will need a bit more information. Are these interest rates compounded or simple interest? If compounded, compounded monthly or annually? And to confirm, these are basically approximately 30 year loans with no payments at all until maturity? If you want amortization tables, then that is outside the scope of the normal question because it takes considerable more time to do this for you. And, that would be an extra charge.

Expert:  Richard replied 1 year ago.

Hi there. I tried to accept your request, but I received a notice that your payment failed.

Customer: replied 1 year ago.
sorry the payment failed. I phoned Visa and they told me there are 3 charges pending for JustAnswer showing on my credit card account. two $5.00 charges (there should be only one. and one $12.00 charge and so i can't understand what the problem is cause Visa shows the pending charges.
It a pain in the butt Richard. Lets cancel the whole thing. Too time consuming.
Please see that all the charges are cancelled and the case is closed. Thank you. MelPs please respond that all charges are cancelled and the case is closed.PPs I jhust now phoned JustAnswer and cancelled it all. Thanks
Expert:  Richard replied 1 year ago.

No worries. Take care.

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