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Q: An interest rate on a consumer loan of 1.5 percent is most apt to be what?
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An interest rate on a consumer loan of 1.5 is most apt to be a?

monthly interest rate


When a borrrower pays back a loan both the principal and the interest must be repaid what is the total amount you would pay back on a simple interest loan with a principal of 10500 at 6.3 percent for?

Simple interest means the interest is calculated one time on the total principal of the loan. Therefore, you would pay back $11,161.50 on this loan. However, simple interest loans are very uncommon; most loans in life have compound interest.


If you are approved for a 90 percent home loan and you have bad credit how can you get help with the other 10 percent and closing costs?

You can apply to a different bank for the remaining 10 percent and closing costs. However, you will most likely get the loan at a very high interest rate because of your bad credit.


What does APR stand for?

Usually it stands for Annual Percentage Rate (used to calculate the amount of interest charged on the balance of a credit card or loan). If that doen't make sense in relation to where you saw it then it may stand for something else. Also: The nominal rate of interest is the rate used when calculating the interest expense on your loan. That's what most people consider to be the interest rate on their loan. The annual percentage rate (APR) on a loan includes some of the costs involved in procuring the loan and is meant to provide the consumer with an effective rate to use when comparing loans.


Do the car loan payment calculators calculate interest of the car?

Yes, car loan payment calculators should calculate interest of the car loan. They will most likely ask you to enter the interest rate, so they can include interests in their calculations.


How much would it cost to repay an emergency loan?

You can apply for a loan through most Banks or Credit Unions. These groups will always have interest rates set and agreed to before loaning out any money. At any rate, to pay off a loan it will always cost the amount of money loaned plus whatever percent interest multiplied by the amount on months compounded.


Where can one find advice on loan interest rates?

It is recommended to get loan interest advice from your financial institution. Loan rates can vary for multiple reasons and they will be able to give you the most accurate information and advice.


When a loan is obtained the consumer generally keeps the entire amount of the loan for specific period of time and pays back the loan amount plus the interest at the end of the loan period?

The way most loans work is you are given a specified amount of money (or credit) available to make purchases with. You are also charged a specified interest rate, which may be fixed or variable. If the terms of the loan have a grace period, there is a set amount of time that you do not have to make payments on the loan; however, interest is often accumulating during this grace period. After you have received the money, and after the grace period is over, you will have to start paying back the loan in small payments. The payment amount will be based on how much you borrowed, what the interest rate is and how long you will take to pay back the loan.


What is the most common reason that a consumer is refused a loan by a bank?

poor credit ratings


What is The most common reason that a consumer is refused a loan by a bank is?

poor credit ratings


Why You Need to Calculate Interest And How to Do It?

Many consumers will focus largely on finding the loan with the lowest interest when shopping for a new loan. There is a perception that the financing option with the lowest interest rate will yield lower monthly payments and will therefore be more affordable than other options. While this is generally true, there are other factors that must be considered as well. When most borrowers shop for a loan, their desire is to get the best deal on their loan, and the monthly payment is not the only reflection of loan affordability. In order to find the best financing option, it is imperative that you calculate interest charges on various options available to you.Factors That Affect Interest ChargesDepending on the principal loan balance and loan term, the difference of a few tenths of a percent in the interest rate can result in hundreds or even thousands of dollars in additional interest charges being assessed over the life of the loan. The effect of this seemingly nominal difference on your monthly payment may be negligible, but the long-term effect can be significant. It is important to note that the interest rate, loan term and loan amount will all be used to calculate interest charges on the loan.How to Calculate Interest Charges On Your LoanMany lenders will provide you with an amortization schedule that includes interest charges when you apply for a new loan. With some lenders, you may need to request it directly. However, before you apply, you can calculate interest charges on your own by using online loan calculators. Using these calculators to compare interest charges for different interest rates, loan terms and loan amounts is wise. By using these calculators, you can most easily to determine which loan option is most affordable for you.You should calculate interest on different loan options before you apply for a new loan, but you should also calculate interest on your existing loans from time to time. By doing so, you can gain a better understanding on how much money your current loans are costing you, and you can determine if it is wise to pay some of your loans off early.


How is the interest on a loan calculated?

The interest on a loan can be calculated in one of two ways - compounding or simple. Most loans in the U.S. are compounding loans, meaning that the interest is added to the principle each month before the new interest amount is calculated.