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How many days will it take for a sum of 1400 to earn 24 interest if it is deposited in a bank paying ordinary simple interest at the rate of 8 percent per year?
Wiki User
∙ 12y ago
It will take 78 days and a bit.
Wiki User
∙ 8y ago
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Is 5.25 percent a good interest rate?
If you're collecting it, it's wonderful.If you're paying it, you have my condolences.
How long will it take to pay of a 1000.00 credit card debt paying 2 percent at 18 percent interest?
18x1000.00 + when the loan has to paid back by.
What is 5 percent interest?
5% interest is just 5% of the final monthly bill being added to your bill....say the bill is 100.00 a month...well you're gonna be paying 105.00 a month...
Calculate the annual interest rate on a credit card if the monthly interest rate is 1.2 percent?
That's an effective annual rate of 15.39%, thanks to the magic of compound interest (simple multiplication gives 14.4%, but this neglects the fact that if you don't pay it off each month you wind up paying interest on interest).
Can you give me the continuous compound interest formula?
Compound Interest FormulaP = principal amount (the initial amount you borrow or deposit)r = annual rate of interest (as a decimal)t = number of years the amount is deposited or borrowed for.A = amount of money accumulated after n years, including interest.n = number of times the interest is compounded per yearExample:An amount of $1,500.00 is deposited in a bank paying an annual interest rate of 4.3%, compounded quarterly. What is the balance after 6 years?Solution:Using the compound interest formula, we have thatP = 1500, r = 4.3/100 = 0.043, n = 4, t = 6. Therefore, So, the balance after 6 years is approximately $1,938.84.
Is 5.25 percent a good interest rate?
If you're collecting it, it's wonderful.If you're paying it, you have my condolences.
How long will it take to pay of a 1000.00 credit card debt paying 2 percent at 18 percent interest?
18x1000.00 + when the loan has to paid back by.
How much do you pay for 900 debt at 12 percent interest by paying 100 per month?
The answer depends on how often the interest due is recalculated, If annually then 1008; if monthly, then 945.34
How can you eliminate the interest and penalties on your student loan?
The penalties by paying on time. The interest by paying it off.
What is the average interest for lowest refinance mortgage rate?
The average interest for the lowest refinancing mortgage rate depends on the company and how long one has been paying the loan and the value of what is left. An example is one to four percent interest rate.
Why does a bank charge interest on the money it lends?
Because that is the business or main purpose of the Bank. When you deposit any money in a bank, you expect an Interest. How can the bank afford to pay you interest? It lends the money you deposited and obtains an interest from the loan borrower. After taking a percentage of that interest as profit for them, the remaining is usually given to the deposit customers. The bank will be in huge losses of it is accepting deposits and paying interest while not charging interest on the money it lends.
What is 5 percent interest?
5% interest is just 5% of the final monthly bill being added to your bill....say the bill is 100.00 a month...well you're gonna be paying 105.00 a month...
When do you get interest from the bank?
The bank customers share of profit made on loans by the bank is called the "Interest". It is the money the bank pays the customer for having their money deposited with the bank. As you know, the bank earns an interest income from loan customers for the money they lend them, and since this money they lend is taken from the deposits placed by customers, banks share the profit by paying an interest to the customer who has placed the deposit with them.
Three main functions of a bank in financial inter-mediation?
The main functions of a bank as part of financial intermediation are:accepting deposits from customers and paying them interest on the deposited amountgranting/disbursing loans to customers and received interest for the loan amount
Can you get out of paying the pmi payment with out paying the full 20 percent?
No.
Calculate the annual interest rate on a credit card if the monthly interest rate is 1.2 percent?
That's an effective annual rate of 15.39%, thanks to the magic of compound interest (simple multiplication gives 14.4%, but this neglects the fact that if you don't pay it off each month you wind up paying interest on interest).
How much interest will be charged on my loan if I repay before interest becomes due?
If you repay your loan before the interest comes due you will be probably be paying no interest on your loan. You will probably only be paying off the principal.
