if I loaned 26,500 at 6% interest what is the total interest amount in the end

Question

I loaned my ex $ 26,500 at 6%interest. So how much does he owe me total?

 

Answer 1

The amount of interest depends on several factors including the way that interest is compounded and the length of time for the loan.  

 

The simplest case would be a loan for one year at simple interest.  

Then, the interest accrued would be :

 

(principal)(rate)(time) = (26000)(0.06)(1) = $1560.  

 

So, in that case, your ex would owe $26000 + $1560 = $27560 at the end of one year.