You have just obtained a personal loan under the simple interest method. You have borrowed $15,000...
You have just obtained a personal loan under the simple interest method. You have borrowed $15,000 for 6 months at an annual rate of 8%. Your marginal tax rate is 28%. What are the total interest charges you would pay if the loan is paid off on time? Show work for credit.
Homework Answers
Simple interest rate : Principal * interest * time
= $15,000 * 8/100 * 6/12
= $600
So, the total interest charges paid is $600.
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