*Loan,banking and credit>>>loan calculator

How you you calculate interest without a calculator. Example 6 years, 5%, and 25,000 loan.?

with a pencil and paper

You can do it manually, but it is time consuming and difficult. There is a formula, but I don't remember offhand. If you don't have a financial calculator, just look on Yahoo Finance. They have a tool for doing this.
Take the 25,000 multiply by .05, divide by 72 (6 years-12 months in each). Total would be 26, 250, monthly would be $364.58....all without interest of course.
Compounded daily? Monthly? Yearly? There are different formulas based on the compounding, or if it is even compounded??
You would need to know how it is compounded. whether it is monthly or what not. a very basic way would be multiplying .05 (5%) by 25,000(amount of loan) and that will give you how much interest you are paying. Multiply that by 6 (the amount of years).

So if it is compounded yearly your interest your paying is 7500 dollars. That is what I would assume it is. So basically 25000 dollars cost you 7500 dollars.

UNLESS it is a student loan, than it's a whole other story.
yes use pen and paper
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