Can someone explain how the interest only works? How do you figure the amortization on a short term interest only loan?
Example; If you borrowed 100,000. on a 6 month interest only loan @ 10% what would your monthly payments be?
!00,000 X !0% = 10,000 yearly interest.- (10% is the yearly interest right or is it 10% for 6 months?)
!0,000 divided by 12 = $833.34 Monthly if no fees or charges are thrown in.
So using my example the monthly payments would be 833.33 ?
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