Beat my father-in-laws savings rate
My father in law has money in ING. We are borrowing from him. What would the monthly interest on $60,482.38 at 6% accrued daily and compounded monthly be?
This loan amount will go down quickly so we're thinking it would not be wise to set a 5, 7, etc year loan but just to beat his current interest of 3.8ish.
How the heck do we calculate this? Or would it be simpler (better for him) to go w/a 5yr loan? And then just re-do it every time we pay a "chunk"? Maybe 5,000. Maybe 10,000. We just don't know. Any help is appreciated!
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