Stclements1
Board Regular
- Joined
- Sep 15, 2018
- Messages
- 150
- Office Version
- 365
- Platform
- Windows
I wish to borrow 10k
I have arranged that I will pay back the 10k over 11 months. Month 1 no payment then month 2-11 1000 per month capital payment and an interest payment of 100 per month. By month 11 I would have paid the full 10k back and also 1000 in interest. My question is, is there a formula that will give me the annualised rate of return for the creditor based on this payment program?
I have arranged that I will pay back the 10k over 11 months. Month 1 no payment then month 2-11 1000 per month capital payment and an interest payment of 100 per month. By month 11 I would have paid the full 10k back and also 1000 in interest. My question is, is there a formula that will give me the annualised rate of return for the creditor based on this payment program?