What does the annual interest rate amount to?

When you take out a simple interest loan on a product costing 699.00 at 8.25 percent that is 90 days same as cash. What does the annual interest rate amount to when you pay the loan back 17 days after the 90 days same as cash?|||8.25%|||If you don't pay in full by 90 days, interest will be recalculated from day 1. Interest will be about $17. Interest is quoted as an annual %age. So, take .0825 divide by 365 and you get a DAILY interest rate. The amount of interest charged daily on the balance. Multiply that figure by 107 days and then by the loan amount ($699).





(.0825 / 365) * 107 days * $699 = $16.93 interest added to the loan amount. So you'll pay back about $716. The annual interest is still 8.25% but you only pay interest on the money for the time you have an outstanding balance.|||If your contract states that "90 days same as cash" that means that if you PAY within the first 90 days of the purchase that THERE is no INTEREST charged. After 90 days - (the 3rd month) the contract reverts to Principal - Plus interest payments. So if you paid within 17 days - there will be no interest.|||Someone that beautiful shouldn't have to pay back a loan. Hope you find your answer.