Personal Loan interest

Discuss Personal Loans here.
kristen
Posts: 8
Joined: Wed Jun 11, 2008 3:49 pm

Personal Loan interest

Postby kristen » Wed Jun 11, 2008 3:53 pm

If I get a loan for $3000 and pay it in 2 years how much interest you I pay and how much are my monthly payments going to be?

spencer
Posts: 37
Joined: Thu May 29, 2008 8:46 pm

Re: Personal Loan interest

Postby spencer » Wed Jun 11, 2008 7:43 pm

This will depend on the interest rate of the loan. For example if you borrow $3,000 for 2 years, with interest rate of 10%, you'll be paying 138.43 per month. I've used the calculator below to calculate this:

http://www.canadabanks.net/Loan-Calculator.aspx

rock
Posts: 20
Joined: Tue Jun 10, 2008 3:06 pm

Re: Personal Loan interest

Postby rock » Wed Jul 30, 2008 12:24 am

You will have to give us more info, in order to answer your question.

Bizblogged3
Posts: 1
Joined: Tue Nov 25, 2008 2:41 pm

Re: Personal Loan interest

Postby Bizblogged3 » Tue Nov 25, 2008 2:49 pm

Buying a property with personal loan, can get interest deducted in our taxes.
If get a conventional mortgage, interest tax is deductible. Can't deduct the interest from the personal loan, but you can deduct the interest from the home loan.




http://www.bizblogged.com/

spencer
Posts: 37
Joined: Thu May 29, 2008 8:46 pm

Re: Personal Loan interest

Postby spencer » Tue Dec 02, 2008 3:29 pm

Bizblogged3 wrote:Buying a property with personal loan, can get interest deducted in our taxes.
If get a conventional mortgage, interest tax is deductible. Can't deduct the interest from the personal loan, but you can deduct the interest from the home loan.


The interest you pay on your mortgage is not deductable on your taxes in Canada. Don't post misleading information and go spam somewhere else!

proplanner
Posts: 12
Joined: Tue Aug 26, 2008 12:40 pm
Location: USA
Contact:

Re: Personal Loan interest

Postby proplanner » Fri Jan 30, 2009 6:35 am

Yes this wil depend on a lot of factors such as the actual terms of the loan, the policies of the lending agency, the kind of agency that is issuing the loan, the period of the loan, your credit rating and others.


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