Posted on: 13th Feb, 2010 10:05 pm
a friend lend me 8000 dollars for 16 months with interest of 6% total interest is 8000 is this legal I'm trying to get out of it before the 16 month term but he wants 6000 for 6 months
How formal was this loan? Is the debt secured against anything?
He lent you $8K at 6%/yr and you want to pay him back early right? As far as I can see the smartest thing to do is pay him a pro-rata'd portion of interest on top of the principle debt.
He lent you $8K at 6%/yr and you want to pay him back early right? As far as I can see the smartest thing to do is pay him a pro-rata'd portion of interest on top of the principle debt.