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| *Loan,banking and credit>>>business credit |
What is the monthly payment for a $250K line of credit for business? Average? |
I know it depends, but just need estimate number for me to get the idea. Thanks! For a line of credit, the payment is always based on the balance (not on how many years you'll take to pay it off) Some lenders will charge interest only, some will charge interest plus a certain percentage of the balance. You'll find out once you apply. Just for estimation purposes, the interest you'll accrue can be figured out with this equation: balance x interest rate = annual interest Divide annual interest by 12 mos to get monthly interest So $250,000 x 8% = $20,000 $20,000 / 12 = $1667 monthly That will at least tell you the interest portion of the payment. Source(s): kitesurfer who sometimes has to sell a couple mortgages to feed the hobby! it really depends on the years, if you had 250k loan for 10 years the monthly would be roughly $3,500/ month at 9% the 9 is a little low for buisness credit, you could get it if you fought a little. |
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