What is 6% flat rate payment on �25,000 please?

[flaming]

I am a duffer at percentages and would be grateful if anyone can tell me what a monthly payment on this sum would be if interest of 6% is charged over a year.Thanks to any financial wizards

[buildersmate]

6% of �25k is �1500 of interest to be paid over the whole year. This is equivalent to �125 per month - just paying the interest, not any capital repayments. That's the simple answer.

[Oneeyedvic]

or �2208.33 per month if repaying capital and interest

[flaming]

buildersmate: yes that's the idea, thanks. Thanks too to Oneeyedvic, for the extra info.but it was the flat rate I was after.

[vicars]

flaming - the first answer is correct if you want to know what the monthly interest is if it is an interest only loan. However the monthly interest will be different if the loan is being repaid over the year as it will reduce as the capital is repaid - sure you know that but if you want to know what the total years interest is over 1 year as the capital gets paid make a reply. Best wishes.

[flaming]

thanks vicars. I wantd the straightforward flat rate interest. I thought it was �130 per month, if no capital was paid and a loan went on longer than a year, max 2 years. buildersmate tells me it is �125. To elaborate I lent a friend �25,000 to fit out a new house, at 6% interest. It was supposed to be a short-term loan, with a max. of 2 years, and the Promissory Note says repayments are to be �130 per month. This has passed and may become the subject of Court proceedings.