if you owe 564.60 and the percentage is 26.99 how much interest do I owe? if I pay the loan in three months

## how do i find percentage? of aan account?

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# 2 Answers

Assume that the annual interest rate is 26.99%, that the loan is at simple interest, and that the calendar is such that 3 months is 1/4 of a year.

I=PRT

I=64.60×26.99/100×1/4=38.096835=38.10

Is the interest percentage 26.99 per month? Do you intend to pay back the loan in 3 equal monthly installments?