# How Much Interest Will Be On 1 Million Pounds?

## 1 Answers

Stuti Ahuja answered
The interest that you will have to pay on a loan of 1 million pounds depends on a number of factors. The primary factor being your rate of interest, rate of interest is the rate on which you have to pay the fee for borrowed money. Most commonly, the interest rate on borrowed money is 6%. However, different banks may have different rates of interest to attract customers.

The repayable amount also depends on the duration of time that you borrowed the money for. Suppose, you borrowed 1 million pounds at the interest rate of 6% for 12 months, which means that you have to pay 6% of 1 million pounds extra which is 60,000 pounds as interest. The Bank of England has dropped its interest to 3.75% or 5.5% on home loans. So, you should first ascertain the rate of interest, the number of payments to be made and the duration of the repayment. I can give you a link which will take you to a website where you can calculate the interest online for free: www.fincher.org/Utilities/CalculateInterest.shtml.
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