A couple question

**JohnnyLam612** · 05-12-2006, 01:57 PM

hi everyone,
can anyone tell me the answer to this couple of question please thanks.

1. A person is loaning 28,000 dollar at a simple interest of 15% for 15 months. nothing is due till the end of the term. so what is the total amount due? I tried to figure it out but when i do none of the multiple answer that give me is the answer i get can someone help me out on this one thanks. ( please write out how you got the answer)

2. what is the VA insurance name? thanks you very much

**JohnnyLam612** · 05-14-2006, 12:52 PM

anyone? please help me out. thanks in advance

**NobleChitRealty** · 05-14-2006, 10:01 PM

A person is loaning 28,000 dollar at a simple interest of 15% for 15 months. nothing is due till the end of the term. so what is the total amount due? I tried to figure it out but when i do none of the multiple answer that give me is the answer i get can someone help me out on this one thanks. ( please write out how you got the answer)

I believe this would be the best way to figure that total. Simple interest of 15% for one year = $28,000 x 15% = $4,200. Then divide that yearly interest by 12 to get the monthly interest amount: $350. Next multiply that $350 by 3 to get the extra 3 months' interest: $1,050. Next, add the first year's interest to the extra 3 months' interest to get the total simple interest for 15 months: $4,200 + $1,050 = $5,250. Finally, add the $5,250 to the $28,000 to get the final balloon payment due at the end of the 15 months:
$33,250.

I haven't dealt with the VA lender yet so I can't answer your second question.