I was never any good at math...

i need to know what $1599 plus 19% interest will end up costing me if i pay it off over one year...

im buying a bass and need to know how much it will end up costing me...

please help me. thank you :o

Printable View

- Aug 15th 2005, 08:23 PMJemRock[SOLVED] 1 year loan
I was never any good at math...

i need to know what $1599 plus 19% interest will end up costing me if i pay it off over one year...

im buying a bass and need to know how much it will end up costing me...

please help me. thank you :o - Aug 15th 2005, 11:04 PMticbol
If it is simple interest, then

19% of $1599 is 0.19 times $1599, or $303.81

After one year, you have to pay $303.81 more than the $1599.

After one year, it will cost you $1599 +$303.81 = $1902.81

Usually, it is computed like this:

After one year, cost = (1.19)($1599) = $1902.81