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Q: Calculating Interest on a Personal Loan ( Answered,   9 Comments )
 Question
 Subject: Calculating Interest on a Personal Loan Category: Business and Money > Accounting Asked by: portacoeli-ga List Price: \$30.00 Posted: 28 Aug 2006 08:21 PDT Expires: 27 Sep 2006 08:21 PDT Question ID: 760160
 ```If paid-in-full today August 2006, what should be the total amount due including a reasonable interest rate on four hundred dollars loaned to a family member in August 1979 in which there was no written agreement?```
 Answer
 Subject: Re: Calculating Interest on a Personal Loan Answered By: tisme-ga on 28 Aug 2006 09:35 PDT
 ```Hello portacoeli-ga, I created an excel spreadsheet application to calculate the interest for you. Using federal reserve rates, and assuming August 1, 1979 the amount would be \$3,506.43. Federal reserve rates are usually unavailable to consumers and a 3% addition to the federal reserve rate would be a possible rate someone might have borrowed money at. In this case, the amount would be \$9,426.73. Someone with poor credit would have had an even higher interest rate. If you want me to calculate a higher interest rate, please let me know and I will do so for you. A credit card, for example, could have a rate of 19.99% yearly. Data below lists the federal reserve calculation first, and then the +3% calculation rate. FEDERAL RESERVE RATE CALCULATION: Date Days Interest Amount 1972-08-01 5.25 \$500.00 1972-08-29 28 5.50 \$502.01 1972-10-03 35 5.75 \$504.66 1972-12-27 85 6.00 \$511.42 1973-02-27 62 6.25 \$516.63 1973-03-26 27 6.50 \$519.02 1973-04-19 24 6.75 \$521.24 1973-05-07 18 7.00 \$522.97 1973-05-25 18 7.25 \$524.78 1973-06-07 13 7.50 \$526.13 1973-06-22 15 7.75 \$527.76 1973-07-02 10 8.00 \$528.88 1973-07-09 7 8.25 \$529.69 1973-07-18 9 8.50 \$530.76 1973-07-30 12 8.75 \$532.25 1973-08-06 7 9.00 \$533.14 1973-08-13 7 9.25 \$534.06 1973-08-21 8 9.50 \$535.14 1973-08-28 7 9.75 \$536.12 1973-09-18 21 0.00 \$539.13 1973-10-23 35 9.75 \$539.13 1973-10-29 6 9.50 \$539.99 1973-12-03 35 9.75 \$544.91 1974-01-29 57 9.50 \$553.21 1974-02-11 13 9.25 \$555.08 1974-02-19 8 9.00 \$556.20 1974-02-25 6 8.75 \$557.03 1974-03-22 25 9.00 \$560.36 1974-04-01 10 9.25 \$561.75 1974-04-04 3 9.50 \$562.17 1974-04-08 4 9.75 \$562.76 1974-04-11 3 0.00 \$563.21 1974-04-22 11 0.25 \$563.21 1974-04-25 3 0.50 \$563.22 1974-05-02 7 0.75 \$563.28 1974-05-07 5 1.00 \$563.33 1974-05-10 3 1.25 \$563.38 1974-05-17 7 1.50 \$563.51 1974-06-27 41 1.75 \$564.46 1974-07-08 11 2.00 \$564.76 1974-10-08 92 1.75 \$567.61 1974-10-22 14 1.25 \$567.99 1974-11-06 15 1.00 \$568.28 1974-11-13 7 0.75 \$568.39 1974-11-25 12 0.25 \$568.53 1975-01-13 49 0.00 \$568.72 1975-01-28 15 9.50 \$568.72 1975-02-03 6 9.00 \$569.61 1975-02-18 15 8.75 \$571.72 1975-02-24 6 8.50 \$572.54 1975-03-03 7 8.25 \$573.47 1975-03-10 7 8.00 \$574.38 1975-03-19 9 7.75 \$575.51 1975-03-25 6 7.50 \$576.25 1975-05-20 56 7.25 \$582.88 1975-06-09 20 7.00 \$585.19 1975-07-18 39 7.25 \$589.57 1975-07-25 7 7.50 \$590.39 1975-08-11 17 7.75 \$592.45 1975-09-15 35 8.00 \$596.85 1975-10-27 42 7.75 \$602.35 1975-11-04 8 7.50 \$603.37 1975-12-01 27 7.25 \$606.72 1976-01-12 42 7.00 \$611.78 1976-01-21 9 6.75 \$612.84 1976-06-01 132 7.00 \$627.80 1976-06-04 3 7.25 \$628.16 1976-08-02 59 7.00 \$635.52 1976-10-01 60 6.75 \$642.83 1976-10-29 28 6.50 \$646.16 1976-12-10 42 6.25 \$650.99 1977-05-13 154 6.50 \$668.16 1977-05-27 14 6.75 \$669.83 1977-08-22 87 7.00 \$680.60 1977-09-16 25 7.25 \$683.87 1977-10-07 21 7.50 \$686.72 1977-10-24 17 7.75 \$689.12 1978-01-10 78 8.00 \$700.53 1978-05-05 115 8.25 \$718.19 1978-05-26 21 8.50 \$721.60 1978-06-16 21 8.75 \$725.12 1978-06-30 14 9.00 \$727.56 1978-09-01 63 9.25 \$738.86 1978-09-15 14 9.50 \$741.48 1978-09-28 13 9.75 \$743.99 1978-10-13 15 0.00 \$746.97 1978-10-27 14 0.25 \$746.97 1978-11-01 5 0.50 \$747.00 1978-11-06 5 0.75 \$747.05 1978-11-17 11 1.00 \$747.22 1978-11-24 7 1.50 \$747.36 1978-12-26 32 1.75 \$748.34 1979-06-19 175 1.50 \$754.62 1979-07-27 38 1.75 \$755.80 1979-08-16 20 2.00 \$756.53 1979-08-28 12 2.25 \$757.02 1979-09-07 10 2.75 \$757.49 1979-09-14 7 3.00 \$757.89 1979-09-20 6 3.25 \$758.26 1979-09-28 8 3.50 \$758.80 1979-10-09 11 4.50 \$759.60 1979-10-24 15 5.00 \$761.01 1979-11-01 8 5.25 \$761.84 1979-11-09 8 5.50 \$762.72 1979-11-16 7 5.75 \$763.52 1979-11-30 14 5.50 \$765.21 1979-12-07 7 5.25 \$766.01 1980-02-19 74 5.75 \$774.17 1980-02-22 3 6.50 \$774.53 1980-02-29 7 6.75 \$775.50 1980-03-04 4 7.25 \$776.07 1980-03-07 3 7.75 \$776.54 1980-03-14 7 8.50 \$777.69 1980-03-19 5 9.00 \$778.60 1980-03-28 9 9.50 \$780.32 1980-04-02 5 0.00 \$781.34 1980-04-18 16 9.50 \$781.34 1980-05-01 13 8.50 \$783.98 1980-05-07 6 7.50 \$785.08 1980-05-16 9 6.50 \$786.53 1980-05-23 7 4.50 \$787.51 1980-05-28 5 4.00 \$788.00 1980-06-06 9 3.00 \$788.77 1980-06-13 7 2.50 \$789.23 1980-06-17 4 2.00 \$789.44 1980-07-07 20 1.50 \$790.31 1980-07-23 16 1.00 \$790.83 1980-08-22 30 1.25 \$791.48 1980-08-27 5 1.50 \$791.61 1980-09-08 12 2.00 \$792.00 1980-09-12 4 2.25 \$792.18 1980-09-19 7 2.50 \$792.52 1980-09-26 7 3.00 \$792.90 1980-10-01 5 3.50 \$793.22 1980-10-17 16 4.00 \$794.44 1980-10-29 12 4.50 \$795.49 1980-11-06 8 5.50 \$796.27 1980-11-17 11 6.25 \$797.59 1980-11-21 4 7.00 \$798.14 1980-11-26 5 7.75 \$798.90 1980-12-02 6 8.50 \$799.92 1980-12-05 3 9.00 \$800.48 1980-12-10 5 0.00 \$801.47 1980-12-16 6 1.00 \$801.47 1980-12-19 3 1.50 \$801.53 1981-01-02 14 0.50 \$801.99 1981-01-09 7 0.00 \$802.07 1981-02-03 25 9.50 \$802.07 1981-02-23 20 9.00 \$806.25 1981-03-03 8 8.50 \$807.84 1981-03-10 7 8.00 \$809.15 1981-03-17 7 7.50 \$810.39 1981-03-24 7 7.00 \$811.56 1981-03-27 3 7.50 \$812.03 1981-04-01 5 7.00 \$812.86 1981-04-20 19 7.50 \$815.82 1981-04-29 9 8.00 \$817.33 1981-05-04 5 9.00 \$818.23 1981-05-11 7 9.50 \$819.64 1981-05-18 7 0.00 \$821.13 1981-05-22 4 0.50 \$821.13 1981-06-01 10 0.00 \$821.25 1981-07-08 37 0.50 \$821.25 1981-09-16 70 0.00 \$822.03 1981-09-22 6 9.50 \$822.03 1981-10-05 13 9.00 \$824.81 1981-10-13 8 8.00 \$826.44 1981-11-02 20 7.50 \$830.06 1981-11-09 7 7.00 \$831.26 1981-11-16 7 6.50 \$832.37 1981-11-24 8 6.00 \$833.56 1981-12-01 7 5.75 \$834.52 1982-02-02 63 6.50 \$842.80 1982-02-17 15 7.00 \$845.05 1982-02-23 6 6.50 \$846.02 1982-07-20 147 6.00 \$868.17 1982-07-29 9 5.50 \$869.46 1982-08-02 4 5.00 \$869.98 1982-08-16 14 4.50 \$871.65 1982-08-18 2 4.00 \$871.86 1982-08-23 5 3.50 \$872.34 1982-10-07 45 3.00 \$876.11 1982-10-13 6 2.00 \$876.54 1982-11-22 40 1.50 \$878.46 1983-01-11 50 1.00 \$880.26 1983-02-25 45 0.50 \$881.35 1983-08-08 164 1.00 \$883.33 1984-03-19 224 1.50 \$888.75 1984-04-05 17 2.00 \$889.37 1984-05-08 33 2.50 \$890.98 1984-06-25 48 3.00 \$893.91 1984-09-27 94 2.75 \$900.81 1984-10-16 19 2.50 \$902.10 1984-10-29 13 2.00 \$902.91 1984-11-08 10 1.75 \$903.40 1984-11-28 20 1.25 \$904.27 1984-12-19 21 0.75 \$904.92 1985-01-15 27 0.50 \$905.42 1985-05-20 125 0.00 \$906.97 1985-06-18 29 9.50 \$906.97 1986-03-07 262 9.00 \$968.82 1986-04-21 45 8.50 \$979.57 1986-07-11 81 8.00 \$998.05 1986-08-26 46 7.50 \$1,008.11 1987-04-01 218 7.75 \$1,053.27 1987-05-01 30 8.00 \$1,059.98 1987-05-15 14 8.25 \$1,063.23 1987-09-04 112 8.75 \$1,090.14 1987-10-07 33 9.25 \$1,098.77 1987-10-22 15 9.00 \$1,102.95 1987-11-05 14 8.75 \$1,106.75 1988-02-02 89 8.50 \$1,130.37 1988-05-11 99 9.00 \$1,156.43 1988-07-14 64 9.50 \$1,174.68 1988-08-11 28 0.00 \$1,183.24 1988-11-28 109 0.50 \$1,183.24 1989-02-10 74 1.00 \$1,184.44 1989-02-24 14 1.50 \$1,184.89 1989-06-05 101 1.00 \$1,189.81 1989-07-31 56 0.50 \$1,191.63 1990-01-08 161 0.00 \$1,194.26 1991-01-02 359 9.50 \$1,194.26 1991-02-04 33 9.00 \$1,204.52 1991-05-01 86 8.50 \$1,230.06 1991-09-13 135 8.00 \$1,268.73 1991-11-06 54 7.50 \$1,283.75 1991-12-23 47 6.50 \$1,296.15 1992-07-02 192 6.00 \$1,340.46 1994-03-24 630 6.25 \$1,479.29 1994-04-19 26 6.75 \$1,485.87 1994-05-17 28 7.25 \$1,493.57 1994-08-16 91 7.75 \$1,520.56 1994-11-15 91 8.50 \$1,549.94 1995-02-01 78 9.00 \$1,578.10 1995-07-07 156 8.75 \$1,638.80 1995-12-20 166 8.50 \$1,704.01 1996-02-01 43 8.25 \$1,721.08 1997-03-26 419 8.50 \$1,884.07 1998-09-30 553 8.25 \$2,126.71 1998-10-16 16 8.00 \$2,134.40 1998-11-18 33 7.75 \$2,149.83 1999-07-01 225 8.00 \$2,252.54 1999-08-25 55 8.25 \$2,279.69 1999-11-17 84 8.50 \$2,322.98 2000-02-03 78 8.75 \$2,365.17 2000-03-22 48 9.00 \$2,392.39 2000-05-17 56 9.50 \$2,425.42 2001-01-04 232 9.00 \$2,571.88 2001-02-01 28 8.50 \$2,589.64 2001-03-21 48 8.00 \$2,618.58 2001-04-19 29 7.50 \$2,635.23 2001-05-16 27 7.00 \$2,649.85 2001-06-28 43 6.75 \$2,671.70 2001-08-22 55 6.50 \$2,698.87 2001-09-18 27 6.00 \$2,711.85 2001-10-03 15 5.50 \$2,718.54 2001-11-07 35 5.00 \$2,732.87 2001-12-12 35 4.75 \$2,745.98 2002-11-07 330 4.25 \$2,863.90 2003-06-27 232 4.00 \$2,941.27 2004-07-01 370 4.25 \$3,060.53 2004-08-11 41 4.50 \$3,075.14 2004-09-21 41 4.75 \$3,090.69 2004-11-10 50 5.00 \$3,110.80 2004-12-15 35 5.25 \$3,125.71 2005-02-02 49 5.50 \$3,147.74 2005-03-22 48 5.75 \$3,170.51 2005-05-03 42 6.00 \$3,191.49 2005-06-30 58 6.25 \$3,221.91 2005-08-09 40 6.50 \$3,243.98 2005-09-20 42 6.75 \$3,268.25 2005-11-01 42 7.00 \$3,293.63 2005-12-13 42 7.25 \$3,320.16 2006-01-31 49 7.50 \$3,352.47 2006-03-28 56 7.75 \$3,391.05 2006-05-10 43 8.00 \$3,422.01 2006-06-29 50 8.25 \$3,459.51 2006-08-28 60 8.25 \$3,506.43 Date Days Interest 3% Amount 1972-08-01 5.25 8.25 \$500.00 1972-08-29 28 5.50 8.5 \$503.16 1972-10-03 35 5.75 8.75 \$507.27 1972-12-27 85 6.00 9 \$517.60 1973-02-27 62 6.25 9.25 \$525.51 1973-03-26 27 6.50 9.5 \$529.11 1973-04-19 24 6.75 9.75 \$532.42 1973-05-07 18 7.00 10 \$534.98 1973-05-25 18 7.25 10.25 \$537.61 1973-06-07 13 7.50 10.5 \$539.58 1973-06-22 15 7.75 10.75 \$541.90 1973-07-02 10 8.00 11 \$543.50 1973-07-09 7 8.25 11.25 \$544.65 1973-07-18 9 8.50 11.5 \$546.16 1973-07-30 12 8.75 11.75 \$548.22 1973-08-06 7 9.00 12 \$549.46 1973-08-13 7 9.25 12.25 \$550.72 1973-08-21 8 9.50 12.5 \$552.20 1973-08-28 7 9.75 12.75 \$553.53 1973-09-18 21 0.00 3 \$557.59 1973-10-23 35 9.75 12.75 \$559.19 1973-10-29 6 9.50 12.5 \$560.36 1973-12-03 35 9.75 12.75 \$567.08 1974-01-29 57 9.50 12.5 \$578.37 1974-02-11 13 9.25 12.25 \$580.94 1974-02-19 8 9.00 12 \$582.50 1974-02-25 6 8.75 11.75 \$583.65 1974-03-22 25 9.00 12 \$588.35 1974-04-01 10 9.25 12.25 \$590.29 1974-04-04 3 9.50 12.5 \$590.88 1974-04-08 4 9.75 12.75 \$591.69 1974-04-11 3 0.00 3 \$592.31 1974-04-22 11 0.25 3.25 \$592.84 1974-04-25 3 0.50 3.5 \$593.00 1974-05-02 7 0.75 3.75 \$593.40 1974-05-07 5 1.00 4 \$593.71 1974-05-10 3 1.25 4.25 \$593.90 1974-05-17 7 1.50 4.5 \$594.38 1974-06-27 41 1.75 4.75 \$597.39 1974-07-08 11 2.00 5 \$598.24 1974-10-08 92 1.75 4.75 \$605.78 1974-10-22 14 1.25 4.25 \$606.89 1974-11-06 15 1.00 4 \$607.95 1974-11-13 7 0.75 3.75 \$608.41 1974-11-25 12 0.25 3.25 \$609.16 1975-01-13 49 0.00 3 \$611.82 1975-01-28 15 9.50 12.5 \$612.58 1975-02-03 6 9.00 12 \$613.84 1975-02-18 15 8.75 11.75 \$616.86 1975-02-24 6 8.50 11.5 \$618.05 1975-03-03 7 8.25 11.25 \$619.42 1975-03-10 7 8.00 11 \$620.75 1975-03-19 9 7.75 10.75 \$622.44 1975-03-25 6 7.50 10.5 \$623.54 1975-05-20 56 7.25 10.25 \$633.58 1975-06-09 20 7.00 10 \$637.14 1975-07-18 39 7.25 10.25 \$643.95 1975-07-25 7 7.50 10.5 \$645.21 1975-08-11 17 7.75 10.75 \$648.37 1975-09-15 35 8.00 11 \$655.05 1975-10-27 42 7.75 10.75 \$663.34 1975-11-04 8 7.50 10.5 \$664.91 1975-12-01 27 7.25 10.25 \$670.07 1976-01-12 42 7.00 10 \$677.97 1976-01-21 9 6.75 9.75 \$679.65 1976-06-01 132 7.00 10 \$703.61 1976-06-04 3 7.25 10.25 \$704.19 1976-08-02 59 7.00 10 \$715.86 1976-10-01 60 6.75 9.75 \$727.62 1976-10-29 28 6.50 9.5 \$733.07 1976-12-10 42 6.25 9.25 \$741.08 1977-05-13 154 6.50 9.5 \$770.00 1977-05-27 14 6.75 9.75 \$772.81 1977-08-22 87 7.00 10 \$790.77 1977-09-16 25 7.25 10.25 \$796.18 1977-10-07 21 7.50 10.5 \$800.88 1977-10-24 17 7.75 10.75 \$804.80 1978-01-10 78 8.00 11 \$823.28 1978-05-05 115 8.25 11.25 \$851.82 1978-05-26 21 8.50 11.5 \$857.33 1978-06-16 21 8.75 11.75 \$863.00 1978-06-30 14 9.00 12 \$866.89 1978-09-01 63 9.25 12.25 \$884.85 1978-09-15 14 9.50 12.5 \$889.01 1978-09-28 13 9.75 12.75 \$892.96 1978-10-13 15 0.00 3 \$897.64 1978-10-27 14 0.25 3.25 \$898.68 1978-11-01 5 0.50 3.5 \$899.08 1978-11-06 5 0.75 3.75 \$899.51 1978-11-17 11 1.00 4 \$900.52 1978-11-24 7 1.50 4.5 \$901.21 1978-12-26 32 1.75 4.75 \$904.77 1979-06-19 175 1.50 4.5 \$925.37 1979-07-27 38 1.75 4.75 \$929.71 1979-08-16 20 2.00 5 \$932.13 1979-08-28 12 2.25 5.25 \$933.66 1979-09-07 10 2.75 5.75 \$935.00 1979-09-14 7 3.00 6 \$936.04 1979-09-20 6 3.25 6.25 \$936.96 1979-09-28 8 3.50 6.5 \$938.24 1979-10-09 11 4.50 7.5 \$940.08 1979-10-24 15 5.00 8 \$942.98 1979-11-01 8 5.25 8.25 \$944.63 1979-11-09 8 5.50 8.5 \$946.34 1979-11-16 7 5.75 8.75 \$947.88 1979-11-30 14 5.50 8.5 \$951.06 1979-12-07 7 5.25 8.25 \$952.61 1980-02-19 74 5.75 8.75 \$968.55 1980-02-22 3 6.50 9.5 \$969.24 1980-02-29 7 6.75 9.75 \$971.01 1980-03-04 4 7.25 10.25 \$972.05 1980-03-07 3 7.75 10.75 \$972.87 1980-03-14 7 8.50 11.5 \$974.87 1980-03-19 5 9.00 12 \$976.41 1980-03-28 9 9.50 12.5 \$979.30 1980-04-02 5 0.00 3 \$980.97 1980-04-18 16 9.50 12.5 \$982.26 1980-05-01 13 8.50 11.5 \$986.64 1980-05-07 6 7.50 10.5 \$988.50 1980-05-16 9 6.50 9.5 \$991.06 1980-05-23 7 4.50 7.5 \$992.87 1980-05-28 5 4.00 7 \$993.89 1980-06-06 9 3.00 6 \$995.60 1980-06-13 7 2.50 5.5 \$996.75 1980-06-17 4 2.00 5 \$997.35 1980-07-07 20 1.50 4.5 \$1,000.08 1980-07-23 16 1.00 4 \$1,002.05 1980-08-22 30 1.25 4.25 \$1,005.35 1980-08-27 5 1.50 4.5 \$1,005.93 1980-09-08 12 2.00 5 \$1,007.42 1980-09-12 4 2.25 5.25 \$1,007.97 1980-09-19 7 2.50 5.5 \$1,008.99 1980-09-26 7 3.00 6 \$1,010.05 1980-10-01 5 3.50 6.5 \$1,010.88 1980-10-17 16 4.00 7 \$1,013.76 1980-10-29 12 4.50 7.5 \$1,016.10 1980-11-06 8 5.50 8.5 \$1,017.77 1980-11-17 11 6.25 9.25 \$1,020.37 1980-11-21 4 7.00 10 \$1,021.41 1980-11-26 5 7.75 10.75 \$1,022.81 1980-12-02 6 8.50 11.5 \$1,024.62 1980-12-05 3 9.00 12 \$1,025.58 1980-12-10 5 0.00 3 \$1,027.27 1980-12-16 6 1.00 4 \$1,027.78 1980-12-19 3 1.50 4.5 \$1,028.11 1981-01-02 14 0.50 3.5 \$1,029.89 1981-01-09 7 0.00 3 \$1,030.58 1981-02-03 25 9.50 12.5 \$1,032.70 1981-02-23 20 9.00 12 \$1,039.77 1981-03-03 8 8.50 11.5 \$1,042.51 1981-03-10 7 8.00 11 \$1,044.80 1981-03-17 7 7.50 10.5 \$1,047.01 1981-03-24 7 7.00 10 \$1,049.12 1981-03-27 3 7.50 10.5 \$1,049.98 1981-04-01 5 7.00 10 \$1,051.49 1981-04-20 19 7.50 10.5 \$1,056.96 1981-04-29 9 8.00 11 \$1,059.70 1981-05-04 5 9.00 12 \$1,061.30 1981-05-11 7 9.50 12.5 \$1,063.74 1981-05-18 7 0.00 3 \$1,066.29 1981-05-22 4 0.50 3.5 \$1,066.64 1981-06-01 10 0.00 3 \$1,067.66 1981-07-08 37 0.50 3.5 \$1,070.91 1981-09-16 70 0.00 3 \$1,078.10 1981-09-22 6 9.50 12.5 \$1,078.63 1981-10-05 13 9.00 12 \$1,083.43 1981-10-13 8 8.00 11 \$1,086.28 1981-11-02 20 7.50 10.5 \$1,092.83 1981-11-09 7 7.00 10 \$1,095.03 1981-11-16 7 6.50 9.5 \$1,097.13 1981-11-24 8 6.00 9 \$1,099.41 1981-12-01 7 5.75 8.75 \$1,101.31 1982-02-02 63 6.50 9.5 \$1,117.94 1982-02-17 15 7.00 10 \$1,122.31 1982-02-23 6 6.50 9.5 \$1,124.15 1982-07-20 147 6.00 9 \$1,167.16 1982-07-29 9 5.50 8.5 \$1,169.75 1982-08-02 4 5.00 8 \$1,170.84 1982-08-16 14 4.50 7.5 \$1,174.44 1982-08-18 2 4.00 7 \$1,174.92 1982-08-23 5 3.50 6.5 \$1,176.05 1982-10-07 45 3.00 6 \$1,185.47 1982-10-13 6 2.00 5 \$1,186.64 1982-11-22 40 1.50 4.5 \$1,193.14 1983-01-11 50 1.00 4 \$1,200.50 1983-02-25 45 0.50 3.5 \$1,206.42 1983-08-08 164 1.00 4 \$1,225.39 1984-03-19 224 1.50 4.5 \$1,255.47 1984-04-05 17 2.00 5 \$1,258.10 1984-05-08 33 2.50 5.5 \$1,263.79 1984-06-25 48 3.00 6 \$1,272.93 1984-09-27 94 2.75 5.75 \$1,292.60 1984-10-16 19 2.50 5.5 \$1,296.47 1984-10-29 13 2.00 5 \$1,299.01 1984-11-08 10 1.75 4.75 \$1,300.79 1984-11-28 20 1.25 4.25 \$1,304.17 1984-12-19 21 0.75 3.75 \$1,307.36 1985-01-15 27 0.50 3.5 \$1,310.99 1985-05-20 125 0.00 3 \$1,326.70 1985-06-18 29 9.50 12.5 \$1,329.86 1986-03-07 262 9.00 12 \$1,449.19 1986-04-21 45 8.50 11.5 \$1,470.63 1986-07-11 81 8.00 11 \$1,508.16 1986-08-26 46 7.50 10.5 \$1,529.07 1987-04-01 218 7.75 10.75 \$1,624.96 1987-05-01 30 8.00 11 \$1,639.31 1987-05-15 14 8.25 11.25 \$1,646.23 1987-09-04 112 8.75 11.75 \$1,703.06 1987-10-07 33 9.25 12.25 \$1,721.15 1987-10-22 15 9.00 12 \$1,729.82 1987-11-05 14 8.75 11.75 \$1,737.78 1988-02-02 89 8.50 11.5 \$1,787.57 1988-05-11 99 9.00 12 \$1,843.32 1988-07-14 64 9.50 12.5 \$1,882.11 1988-08-11 28 0.00 3 \$1,900.16 1988-11-28 109 0.50 3.5 \$1,917.18 1989-02-10 74 1.00 4 \$1,930.79 1989-02-24 14 1.50 4.5 \$1,933.75 1989-06-05 101 1.00 4 \$1,957.83 1989-07-31 56 0.50 3.5 \$1,969.84 1990-01-08 161 0.00 3 \$2,000.25 1991-01-02 359 9.50 12.5 \$2,059.27 1991-02-04 33 9.00 12 \$2,082.55 1991-05-01 86 8.50 11.5 \$2,141.43 1991-09-13 135 8.00 11 \$2,232.51 1991-11-06 54 7.50 10.5 \$2,268.84 1991-12-23 47 6.50 9.5 \$2,299.52 1992-07-02 192 6.00 9 \$2,414.43 1994-03-24 630 6.25 9.25 \$2,789.50 1994-04-19 26 6.75 9.75 \$2,807.88 1994-05-17 28 7.25 10.25 \$2,828.88 1994-08-16 91 7.75 10.75 \$2,901.17 1994-11-15 91 8.50 11.5 \$2,978.93 1995-02-01 78 9.00 12 \$3,052.13 1995-07-07 156 8.75 11.75 \$3,208.67 1995-12-20 166 8.50 11.5 \$3,380.14 1996-02-01 43 8.25 11.25 \$3,425.93 1997-03-26 419 8.50 11.5 \$3,868.37 1998-09-30 553 8.25 11.25 \$4,542.37 1998-10-16 16 8.00 11 \$4,564.77 1998-11-18 33 7.75 10.75 \$4,610.16 1999-07-01 225 8.00 11 \$4,915.67 1999-08-25 55 8.25 11.25 \$4,997.15 1999-11-17 84 8.50 11.5 \$5,126.52 2000-02-03 78 8.75 11.75 \$5,252.51 2000-03-22 48 9.00 12 \$5,333.67 2000-05-17 56 9.50 12.5 \$5,431.87 2001-01-04 232 9.00 12 \$5,863.44 2001-02-01 28 8.50 11.5 \$5,917.42 2001-03-21 48 8.00 11 \$6,006.91 2001-04-19 29 7.50 10.5 \$6,059.41 2001-05-16 27 7.00 10 \$6,106.47 2001-06-28 43 6.75 9.75 \$6,178.41 2001-08-22 55 6.50 9.5 \$6,269.18 2001-09-18 27 6.00 9 \$6,313.24 2001-10-03 15 5.50 8.5 \$6,336.59 2001-11-07 35 5.00 8 \$6,388.24 2001-12-12 35 4.75 7.75 \$6,437.24 2002-11-07 330 4.25 7.25 \$6,888.29 2003-06-27 232 4.00 7 \$7,205.72 2004-07-01 370 4.25 7.25 \$7,717.03 2004-08-11 41 4.50 7.5 \$7,779.87 2004-09-21 41 4.75 7.75 \$7,845.42 2004-11-10 50 5.00 8 \$7,928.71 2004-12-15 35 5.25 8.25 \$7,989.53 2005-02-02 49 5.50 8.5 \$8,078.02 2005-03-22 48 5.75 8.75 \$8,168.31 2005-05-03 42 6.00 9 \$8,250.56 2005-06-30 58 6.25 9.25 \$8,368.55 2005-08-09 40 6.50 9.5 \$8,453.38 2005-09-20 42 6.75 9.75 \$8,545.79 2005-11-01 42 7.00 10 \$8,641.67 2005-12-13 42 7.25 10.25 \$8,741.11 2006-01-31 49 7.50 10.5 \$8,861.39 2006-03-28 56 7.75 10.75 \$9,004.14 2006-05-10 43 8.00 11 \$9,118.17 2006-06-29 50 8.25 11.25 \$9,255.57 2006-08-28 60 8.25 11.25 \$9,426.73 Please let me know if you require any clarification regarding this question and I will do my best to further assist you. All the best, tisme-ga Search Strategy: interest rate average``` Clarification of Answer by tisme-ga on 29 Aug 2006 07:36 PDT ```Hello portacoeli-ga, I apologize for my mistakes in the original calculations. I created an excel spreadsheet application to calculate the interest for you. Using federal reserve rates, and assuming August 1, 1979 the amount would be \$4,410.55. Federal reserve rates are usually unavailable to consumers and a 3% addition to the federal reserve rate would be a possible rate someone might have borrowed money at. In this case, the amount would be \$9,564.53. Someone with poor credit would have had an even higher interest rate. If you want me to calculate a higher interest rate, please let me know and I will do so for you. A credit card, for example, could have a rate of 19.99% yearly. Also if you want me to calculate the rate at a lower stable percentage such as 4%, 5% etc., let me know and I can do this for you. Some other people who have been commenting below have various interesting opinions on this and you may wish to read them as well. Data below lists the federal reserve calculation first, and then the +3% calculation rate. FEDERAL RESERVE CALCULATION RATES Date Days Interest Amount 1979-08-01 11.75 \$400.00 1979-08-16 15 12.00 \$401.93 1979-08-28 12 12.25 \$403.52 1979-09-07 10 12.75 \$404.87 1979-09-14 7 13.00 \$405.86 1979-09-20 6 13.25 \$406.73 1979-09-28 8 13.50 \$407.91 1979-10-09 11 14.50 \$409.57 1979-10-24 15 15.00 \$412.01 1979-11-01 8 15.25 \$413.36 1979-11-09 8 15.50 \$414.75 1979-11-16 7 15.75 \$415.98 1979-11-30 14 15.50 \$418.49 1979-12-07 7 15.25 \$419.74 1980-02-19 74 15.75 \$432.71 1980-02-22 3 16.50 \$433.27 1980-02-29 7 16.75 \$434.64 1980-03-04 4 17.25 \$435.44 1980-03-07 3 17.75 \$436.06 1980-03-14 7 18.50 \$437.54 1980-03-19 5 19.00 \$438.65 1980-03-28 9 19.50 \$440.71 1980-04-02 5 20.00 \$441.89 1980-04-18 16 19.50 \$445.76 1980-05-01 13 18.50 \$448.86 1980-05-07 6 17.50 \$450.22 1980-05-16 9 16.50 \$452.16 1980-05-23 7 14.50 \$453.59 1980-05-28 5 14.00 \$454.49 1980-06-06 9 13.00 \$456.06 1980-06-13 7 12.50 \$457.20 1980-06-17 4 12.00 \$457.83 1980-07-07 20 11.50 \$460.84 1980-07-23 16 11.00 \$463.16 1980-08-22 30 11.25 \$467.35 1980-08-27 5 11.50 \$468.07 1980-09-08 12 12.00 \$469.84 1980-09-12 4 12.25 \$470.46 1980-09-19 7 12.50 \$471.56 1980-09-26 7 13.00 \$472.69 1980-10-01 5 13.50 \$473.53 1980-10-17 16 14.00 \$476.34 1980-10-29 12 14.50 \$478.53 1980-11-06 8 15.50 \$480.05 1980-11-17 11 16.25 \$482.29 1980-11-21 4 17.00 \$483.15 1980-11-26 5 17.75 \$484.28 1980-12-02 6 18.50 \$485.69 1980-12-05 3 19.00 \$486.43 1980-12-10 5 20.00 \$487.69 1980-12-16 6 21.00 \$489.30 1980-12-19 3 21.50 \$490.14 1981-01-02 14 20.50 \$494.18 1981-01-09 7 20.00 \$496.13 1981-02-03 25 19.50 \$502.92 1981-02-23 20 19.00 \$508.30 1981-03-03 8 18.50 \$510.41 1981-03-10 7 18.00 \$512.22 1981-03-17 7 17.50 \$513.99 1981-03-24 7 17.00 \$515.72 1981-03-27 3 17.50 \$516.44 1981-04-01 5 17.00 \$517.68 1981-04-20 19 17.50 \$522.26 1981-04-29 9 18.00 \$524.51 1981-05-04 5 19.00 \$525.80 1981-05-11 7 19.50 \$527.72 1981-05-18 7 20.00 \$529.69 1981-05-22 4 20.50 \$530.85 1981-06-01 10 20.00 \$533.84 1981-07-08 37 20.50 \$544.66 1981-09-16 70 20.00 \$566.07 1981-09-22 6 19.50 \$567.93 1981-10-05 13 19.00 \$571.88 1981-10-13 8 18.00 \$574.26 1981-11-02 20 17.50 \$579.92 1981-11-09 7 17.00 \$581.87 1981-11-16 7 16.50 \$583.77 1981-11-24 8 16.00 \$585.88 1981-12-01 7 15.75 \$587.67 1982-02-02 63 16.50 \$603.65 1982-02-17 15 17.00 \$607.74 1982-02-23 6 16.50 \$609.44 1982-07-20 147 16.00 \$649.94 1982-07-29 9 15.50 \$652.50 1982-08-02 4 15.00 \$653.61 1982-08-16 14 14.50 \$657.37 1982-08-18 2 14.00 \$657.90 1982-08-23 5 13.50 \$659.16 1982-10-07 45 13.00 \$670.13 1982-10-13 6 12.00 \$671.56 1982-11-22 40 11.50 \$680.39 1983-01-11 50 11.00 \$691.11 1983-02-25 45 10.50 \$700.48 1983-08-08 164 11.00 \$733.53 1984-03-19 224 11.50 \$783.05 1984-04-05 17 12.00 \$787.24 1984-05-08 33 12.50 \$795.78 1984-06-25 48 13.00 \$808.87 1984-09-27 94 12.75 \$835.95 1984-10-16 19 12.50 \$841.49 1984-10-29 13 12.00 \$845.24 1984-11-08 10 11.75 \$848.02 1984-11-28 20 11.25 \$853.48 1984-12-19 21 10.75 \$859.00 1985-01-15 27 10.50 \$865.83 1985-05-20 125 10.00 \$896.97 1985-06-18 29 9.50 \$904.10 1986-03-07 262 9.00 \$965.75 1986-04-21 45 8.50 \$976.46 1986-07-11 81 8.00 \$994.88 1986-08-26 46 7.50 \$1,004.91 1987-04-01 218 7.75 \$1,049.93 1987-05-01 30 8.00 \$1,056.62 1987-05-15 14 8.25 \$1,059.86 1987-09-04 112 8.75 \$1,086.69 1987-10-07 33 9.25 \$1,095.28 1987-10-22 15 9.00 \$1,099.45 1987-11-05 14 8.75 \$1,103.24 1988-02-02 89 8.50 \$1,126.78 1988-05-11 99 9.00 \$1,152.76 1988-07-14 64 9.50 \$1,170.95 1988-08-11 28 10.00 \$1,179.48 1988-11-28 109 10.50 \$1,214.71 1989-02-10 74 11.00 \$1,240.57 1989-02-24 14 11.50 \$1,245.80 1989-06-05 101 11.00 \$1,285.44 1989-07-31 56 10.50 \$1,307.14 1990-01-08 161 10.00 \$1,367.68 1991-01-02 359 9.50 \$1,502.20 1991-02-04 33 9.00 \$1,515.10 1991-05-01 86 8.50 \$1,547.23 1991-09-13 135 8.00 \$1,595.87 1991-11-06 54 7.50 \$1,614.76 1991-12-23 47 6.50 \$1,630.35 1992-07-02 192 6.00 \$1,686.10 1994-03-24 630 6.25 \$1,860.71 1994-04-19 26 6.75 \$1,869.00 1994-05-17 28 7.25 \$1,878.68 1994-08-16 91 7.75 \$1,912.63 1994-11-15 91 8.50 \$1,949.59 1995-02-01 78 9.00 \$1,985.00 1995-07-07 156 8.75 \$2,061.36 1995-12-20 166 8.50 \$2,143.39 1996-02-01 43 8.25 \$2,164.85 1997-03-26 419 8.50 \$2,369.87 1998-09-30 553 8.25 \$2,675.07 1998-10-16 16 8.00 \$2,684.74 1998-11-18 33 7.75 \$2,704.16 1999-07-01 225 8.00 \$2,833.35 1999-08-25 55 8.25 \$2,867.50 1999-11-17 84 8.50 \$2,921.95 2000-02-03 78 8.75 \$2,975.02 2000-03-22 48 9.00 \$3,009.26 2000-05-17 56 9.50 \$3,050.81 2001-01-04 232 9.00 \$3,235.03 2001-02-01 28 8.50 \$3,257.36 2001-03-21 48 8.00 \$3,293.77 2001-04-19 29 7.50 \$3,314.71 2001-05-16 27 7.00 \$3,333.10 2001-06-28 43 6.75 \$3,360.59 2001-08-22 55 6.50 \$3,394.77 2001-09-18 27 6.00 \$3,411.09 2001-10-03 15 5.50 \$3,419.50 2001-11-07 35 5.00 \$3,437.54 2001-12-12 35 4.75 \$3,454.02 2002-11-07 330 4.25 \$3,602.35 2003-06-27 232 4.00 \$3,699.66 2004-07-01 370 4.25 \$3,849.68 2004-08-11 41 4.50 \$3,868.05 2004-09-21 41 4.75 \$3,887.61 2004-11-10 50 5.00 \$3,912.90 2004-12-15 35 5.25 \$3,931.66 2005-02-02 49 5.50 \$3,959.37 2005-03-22 48 5.75 \$3,988.01 2005-05-03 42 6.00 \$4,014.40 2005-06-30 58 6.25 \$4,052.67 2005-08-09 40 6.50 \$4,080.43 2005-09-20 42 6.75 \$4,110.95 2005-11-01 42 7.00 \$4,142.88 2005-12-13 42 7.25 \$4,176.25 2006-01-31 49 7.50 \$4,216.90 2006-03-28 56 7.75 \$4,265.42 2006-05-10 43 8.00 \$4,304.36 2006-06-29 50 8.25 \$4,351.53 2006-08-28 60 8.25 \$4,410.55 3% ABOVE FEDERAL RESERVE CALCULATION RATE Date Days Interest 3% Amount 8/1/1979 11.75 14.75 \$400.00 1979-08-16 15 12.00 15 \$402.42 1979-08-28 12 12.25 15.25 \$404.41 1979-09-07 10 12.75 15.75 \$406.10 1979-09-14 7 13.00 16 \$407.33 1979-09-20 6 13.25 16.25 \$408.40 1979-09-28 8 13.50 16.5 \$409.85 1979-10-09 11 14.50 17.5 \$411.89 1979-10-24 15 15.00 18 \$414.85 1979-11-01 8 15.25 18.25 \$416.49 1979-11-09 8 15.50 18.5 \$418.15 1979-11-16 7 15.75 18.75 \$419.64 1979-11-30 14 15.50 18.5 \$422.66 1979-12-07 7 15.25 18.25 \$424.16 1980-02-19 74 15.75 18.75 \$439.85 1980-02-22 3 16.50 19.5 \$440.53 1980-02-29 7 16.75 19.75 \$442.17 1980-03-04 4 17.25 20.25 \$443.13 1980-03-07 3 17.75 20.75 \$443.87 1980-03-14 7 18.50 21.5 \$445.64 1980-03-19 5 19.00 22 \$446.95 1980-03-28 9 19.50 22.5 \$449.37 1980-04-02 5 20.00 23 \$450.76 1980-04-18 16 19.50 22.5 \$455.30 1980-05-01 13 18.50 21.5 \$458.95 1980-05-07 6 17.50 20.5 \$460.57 1980-05-16 9 16.50 19.5 \$462.90 1980-05-23 7 14.50 17.5 \$464.63 1980-05-28 5 14.00 17 \$465.75 1980-06-06 9 13.00 16 \$467.70 1980-06-13 7 12.50 15.5 \$469.13 1980-06-17 4 12.00 15 \$469.93 1980-07-07 20 11.50 14.5 \$473.79 1980-07-23 16 11.00 14 \$476.80 1980-08-22 30 11.25 14.25 \$482.29 1980-08-27 5 11.50 14.5 \$483.23 1980-09-08 12 12.00 15 \$485.54 1980-09-12 4 12.25 15.25 \$486.33 1980-09-19 7 12.50 15.5 \$487.76 1980-09-26 7 13.00 16 \$489.21 1980-10-01 5 13.50 16.5 \$490.28 1980-10-17 16 14.00 17 \$493.82 1980-10-29 12 14.50 17.5 \$496.58 1980-11-06 8 15.50 18.5 \$498.49 1980-11-17 11 16.25 19.25 \$501.27 1980-11-21 4 17.00 20 \$502.33 1980-11-26 5 17.75 20.75 \$503.70 1980-12-02 6 18.50 21.5 \$505.42 1980-12-05 3 19.00 22 \$506.31 1980-12-10 5 20.00 23 \$507.84 1980-12-16 6 21.00 24 \$509.76 1980-12-19 3 21.50 24.5 \$510.76 1981-01-02 14 20.50 23.5 \$515.56 1981-01-09 7 20.00 23 \$517.89 1981-02-03 25 19.50 22.5 \$526.05 1981-02-23 20 19.00 22 \$532.53 1981-03-03 8 18.50 21.5 \$535.10 1981-03-10 7 18.00 21 \$537.31 1981-03-17 7 17.50 20.5 \$539.47 1981-03-24 7 17.00 20 \$541.59 1981-03-27 3 17.50 20.5 \$542.48 1981-04-01 5 17.00 20 \$544.00 1981-04-20 19 17.50 20.5 \$549.67 1981-04-29 9 18.00 21 \$552.45 1981-05-04 5 19.00 22 \$554.04 1981-05-11 7 19.50 22.5 \$556.37 1981-05-18 7 20.00 23 \$558.77 1981-05-22 4 20.50 23.5 \$560.18 1981-06-01 10 20.00 23 \$563.79 1981-07-08 37 20.50 23.5 \$576.93 1981-09-16 70 20.00 23 \$602.94 1981-09-22 6 19.50 22.5 \$605.22 1981-10-05 13 19.00 22 \$610.07 1981-10-13 8 18.00 21 \$613.01 1981-11-02 20 17.50 20.5 \$620.06 1981-11-09 7 17.00 20 \$622.50 1981-11-16 7 16.50 19.5 \$624.89 1981-11-24 8 16.00 19 \$627.56 1981-12-01 7 15.75 18.75 \$629.84 1982-02-02 63 16.50 19.5 \$650.23 1982-02-17 15 17.00 20 \$655.44 1982-02-23 6 16.50 19.5 \$657.59 1982-07-20 147 16.00 19 \$709.24 1982-07-29 9 15.50 18.5 \$712.56 1982-08-02 4 15.00 18 \$714.00 1982-08-16 14 14.50 17.5 \$718.93 1982-08-18 2 14.00 17 \$719.62 1982-08-23 5 13.50 16.5 \$721.30 1982-10-07 45 13.00 16 \$735.97 1982-10-13 6 12.00 15 \$737.91 1982-11-22 40 11.50 14.5 \$750.04 1983-01-11 50 11.00 14 \$764.94 1983-02-25 45 10.50 13.5 \$778.14 1983-08-08 164 11.00 14 \$825.34 1984-03-19 224 11.50 14.5 \$896.25 1984-04-05 17 12.00 15 \$902.30 1984-05-08 33 12.50 15.5 \$914.54 1984-06-25 48 13.00 16 \$933.18 1984-09-27 94 12.75 15.75 \$971.63 1984-10-16 19 12.50 15.5 \$979.60 1984-10-29 13 12.00 15 \$985.01 1984-11-08 10 11.75 14.75 \$989.06 1984-11-28 20 11.25 14.25 \$997.05 1984-12-19 21 10.75 13.75 \$1,005.22 1985-01-15 27 10.50 13.5 \$1,015.45 1985-05-20 125 10.00 13 \$1,062.39 1985-06-18 29 9.50 12.5 \$1,073.37 1986-03-07 262 9.00 12 \$1,169.68 1986-04-21 45 8.50 11.5 \$1,186.98 1986-07-11 81 8.00 11 \$1,217.27 1986-08-26 46 7.50 10.5 \$1,234.15 1987-04-01 218 7.75 10.75 \$1,311.55 1987-05-01 30 8.00 11 \$1,323.13 1987-05-15 14 8.25 11.25 \$1,328.72 1987-09-04 112 8.75 11.75 \$1,374.58 1987-10-07 33 9.25 12.25 \$1,389.19 1987-10-22 15 9.00 12 \$1,396.18 1987-11-05 14 8.75 11.75 \$1,402.61 1988-02-02 89 8.50 11.5 \$1,442.79 1988-05-11 99 9.00 12 \$1,487.80 1988-07-14 64 9.50 12.5 \$1,519.10 1988-08-11 28 10.00 13 \$1,533.67 1988-11-28 109 10.50 13.5 \$1,593.21 1989-02-10 74 11.00 14 \$1,636.81 1989-02-24 14 11.50 14.5 \$1,645.60 1989-06-05 101 11.00 14 \$1,711.63 1989-07-31 56 10.50 13.5 \$1,748.39 1990-01-08 161 10.00 13 \$1,852.51 1991-01-02 359 9.50 12.5 \$2,089.38 1991-02-04 33 9.00 12 \$2,112.99 1991-05-01 86 8.50 11.5 \$2,172.73 1991-09-13 135 8.00 11 \$2,265.15 1991-11-06 54 7.50 10.5 \$2,302.01 1991-12-23 47 6.50 9.5 \$2,333.13 1992-07-02 192 6.00 9 \$2,449.73 1994-03-24 630 6.25 9.25 \$2,830.27 1994-04-19 26 6.75 9.75 \$2,848.92 1994-05-17 28 7.25 10.25 \$2,870.23 1994-08-16 91 7.75 10.75 \$2,943.58 1994-11-15 91 8.50 11.5 \$3,022.47 1995-02-01 78 9.00 12 \$3,096.75 1995-07-07 156 8.75 11.75 \$3,255.57 1995-12-20 166 8.50 11.5 \$3,429.55 1996-02-01 43 8.25 11.25 \$3,476.01 1997-03-26 419 8.50 11.5 \$3,924.91 1998-09-30 553 8.25 11.25 \$4,608.76 1998-10-16 16 8.00 11 \$4,631.49 1998-11-18 33 7.75 10.75 \$4,677.55 1999-07-01 225 8.00 11 \$4,987.52 1999-08-25 55 8.25 11.25 \$5,070.19 1999-11-17 84 8.50 11.5 \$5,201.46 2000-02-03 78 8.75 11.75 \$5,329.29 2000-03-22 48 9.00 12 \$5,411.64 2000-05-17 56 9.50 12.5 \$5,511.27 2001-01-04 232 9.00 12 \$5,949.15 2001-02-01 28 8.50 11.5 \$6,003.92 2001-03-21 48 8.00 11 \$6,094.71 2001-04-19 29 7.50 10.5 \$6,147.98 2001-05-16 27 7.00 10 \$6,195.73 2001-06-28 43 6.75 9.75 \$6,268.72 2001-08-22 55 6.50 9.5 \$6,360.82 2001-09-18 27 6.00 9 \$6,405.52 2001-10-03 15 5.50 8.5 \$6,429.21 2001-11-07 35 5.00 8 \$6,481.62 2001-12-12 35 4.75 7.75 \$6,531.34 2002-11-07 330 4.25 7.25 \$6,988.98 2003-06-27 232 4.00 7 \$7,311.05 2004-07-01 370 4.25 7.25 \$7,829.83 2004-08-11 41 4.50 7.5 \$7,893.60 2004-09-21 41 4.75 7.75 \$7,960.10 2004-11-10 50 5.00 8 \$8,044.60 2004-12-15 35 5.25 8.25 \$8,106.32 2005-02-02 49 5.50 8.5 \$8,196.10 2005-03-22 48 5.75 8.75 \$8,287.71 2005-05-03 42 6.00 9 \$8,371.16 2005-06-30 58 6.25 9.25 \$8,490.88 2005-08-09 40 6.50 9.5 \$8,576.95 2005-09-20 42 6.75 9.75 \$8,670.71 2005-11-01 42 7.00 10 \$8,767.99 2005-12-13 42 7.25 10.25 \$8,868.88 2006-01-31 49 7.50 10.5 \$8,990.92 2006-03-28 56 7.75 10.75 \$9,135.76 2006-05-10 43 8.00 11 \$9,251.46 2006-06-29 50 8.25 11.25 \$9,390.86 2006-08-28 60 8.25 11.25 \$9,564.53 Please let me know if you require any clarification regarding this question and I will do my best to further assist you. All the best, tisme-ga Search Strategy: interest rate average```
 Comments
 Subject: Re: Calculating Interest on a Personal Loan From: research_help-ga on 28 Aug 2006 09:48 PDT
 ```A small loan to a family member probably wouldn't have come with an implied agreement to charge interest at the fed or prime rate. If you assume 4% interest for 27 years, then the amount owed today would be \$1,153. I believe this is more in line with the spirit of the question.```
 Subject: Re: Calculating Interest on a Personal Loan From: jack_of_few_trades-ga on 28 Aug 2006 10:00 PDT
 ```I agree with ResearchHelp that in a family issue, the interest isn't implied or all that crucial. When I consider loaning money to a friend or family, I always consider first if I would flat out give this person the money. I think this way because I never want to be in a circumstance where money would get in the way of the relationship, so I count the money as a gift. Then if I never get repaid then that is fine and the relationship will not suffer. Whoever the loaner/loaney in this case, I would hope they would feel the same way that the relationship should come first. I think that \$1,500 to \$2,000 today would be appropriate payment in this case, but if that amount would put hardship on the payer then a smaller amount (\$400 or greater) would be very sufficient.```
 Subject: Re: Calculating Interest on a Personal Loan From: abezon-ga on 28 Aug 2006 13:16 PDT
 ```The generic Statute of Frauds limitation on oral contracts is \$500 & 1 year. Your state may differ. Since the loan is under \$500, the contract does not need to be written to be enforceable. However, after 27 years, no court would enforce the loan, since the lender has waited a couple decades too long to enforce his/her rights! In other words, nothing is due legally. Therefore, it is up to the borrower to determine how much s/he wishes to _gift_ to the lender. Any amount "repaid" to the lender is still a gift & is not taxable interest income to the lender. A gift of over \$12,000 requires filing a gift tax return, but no actual gift tax will be due. Note that if the loan included a stated interest rate AND was intended to last 27 years (which would have to be stated in writing), the interest would be taxable income to the lender.```
 Subject: Re: Calculating Interest on a Personal Loan From: myoarin-ga on 28 Aug 2006 14:04 PDT
 ```Tisme has made a magnificent effort - except the question is about \$400, not \$500, so reduce the end figures by 20% (multiply by 0.8). However, I agree entirely with Research and Jack. In our family the standard interest rate was 6%pa. With monthly compounding, that would be \$ 2013.09, with quarterly compounding, \$1997.07; annually, \$1928.94.```
 Subject: Re: Calculating Interest on a Personal Loan From: vegasfyr-ga on 28 Aug 2006 15:26 PDT
 ```I would have to agree with tsime (it was answered perfectly, and to specs) - the question actually specifically requested that interest be calculated. If they didn't want interest, the answer would be \$400, and worth \$2.00 to ask. I also think that to say fed rate (generally less than 7%, except for the heady Carter years) is fair. It's certainly "reasonable", at least to the borrower. It's the best they could hope for. And lastly, for a \$30.00 question, to break it down by the various rates is a good level of effort, rather than a simple % calc.```
 Subject: Re: Calculating Interest on a Personal Loan From: tisme-ga on 28 Aug 2006 15:43 PDT
 ```Hello everyone. Interesting comments. Thanks for the catch myoarin... I will give this another shot taking your comments into consideration. tisme-ga```
 Subject: Re: Calculating Interest on a Personal Loan From: jack_of_few_trades-ga on 29 Aug 2006 05:17 PDT
 ```Vegasfyr, You're absolutely right that the commenter wanted interest to be calculated and I assure you that my numbers didn't just come out of thin air... \$400, 5% interest, 27 years = \$1493 (~\$1500) \$400, 6% interest, 27 years = \$1928 (~\$2000) Perhaps I should have mentioned that, but I really think that to be a stickler on interest rates or a few dollars when it comes to family matter is going way too far. That is the kind of thing that can kill a relationship. And no, the fed rate was not reasonable for this case. You are assuming that a variable rate is fair game. If this were a variable rate loan then the borrower would have refinanced when the fed rate was around 0%. If it was a fixed rate loan then the interest wouldn't be much higher than 5.25%. Even if the borrower was paying 3% over the fed rate (and therefore 3 or 4% for the rest of the 27 years after the refinance), then the interest would be negligible compared to the huge amounts of interest that Tisme came up with. I also just noticed that Tisme started the interest calculation in 1972 (as opposed to 1979 as the questioner requested).```
 Subject: Re: Calculating Interest on a Personal Loan From: tisme-ga on 29 Aug 2006 08:04 PDT
 ```Hello jack_of_few_trades-ga, Thanks for your comments (and the catch of the mistake). I fixed it in the most recent clarification. I personally think the variable rate is fair game, but it depends on the situation. With regards to locking in... doesn't that often come with a minimum amount of time to repay (which does not apply in this case)? Also, locking in is usually 2.5% or so higher than the federal reserve rate. I did my best, I somehow assumed they would want to know the value today linked to historic interest rates. In the latest answer I suggested that the asker read the comments as well. I would gladly calculate a flat rate for them if they ask me, but at this point I think it is overkill. :) All the best, tisme-ga```
 Subject: Re: Calculating Interest on a Personal Loan From: keystroke-ga on 06 Sep 2006 16:44 PDT
 ```Great job, tisme. I have to say that I personally believe that, family member or not, if the borrower has not paid on this loan in close to 30 years they need to pay it back with ample interest. They needed the money at the time, the family member was nice enough to lend it to them, they haven't paid a cent of it back since then and that's not a problem? They should do the same in return and help those who helped them in their time of need. A loan is a loan. It should be paid back with interest. \$400 then is a LOT more now than it was then when inflation is taken into account.```
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