The method for calculating loan interest payments is as follows: Divide the annual payment amount, usually 12 months, by the interest rate you are being charged.
Take that number and divide it by the initial balance of your loan, which ought to begin at the total amount that you borrowed.
Divide the number of payments you will make in that year by your interest rate.Divide 0.06 by 12 to get 0.005, which you would get if you made monthly payments and had an interest rate of 6%.To determine the amount of interest you will pay in that month, multiply that number by the balance on your remaining loan.
Learn more about interest payments here:
https://brainly.com/question/25793394
#SPJ4
