Private Lender....calculations....How To

[Rodney Dixon]

For education purposes, I want to know how is the "payment" calculated when it comes to having a private lender provide 100% purchase price of a deal for either (1) a 6 month term or (2)  1 year term if the repayment shall be in the form of monthly payments until the loan is due and its at a 8% rate?

Please provide answers by applying them to a $50,000 purchase price.

NOTE: My answer, in which I think is wrong, is for that $50,000 purchase at 8% for 6 months would be $666.70(I rounded it up)($50k x .08/6)

 - For 12 month term: $50k x .08/12= $333.30(I didn't round it)