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April 3, 2020
Question

I paid a 3% intrest On a payment of $315. Per mo.witch comes out to $113.40 pr mo ??? Is this right This is a personal loan ?

  • April 3, 2020
  • 2 replies
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2 replies

VolvoGirl
Employee
April 3, 2020

3% would normally be on the total balance of the loan, not on the payment amount.  And there are different ways to calculate the interest.  Like simple or deferred.

April 3, 2020

interest on personal loans is not deductible.  however, it you are the creditor, then the interest is taxable income. 

VolvoGirl
Employee
April 3, 2020

Using your figures I calculated the loan or balance is about $45,360?