it should be around $224
8
15100
125 x 5.2 x 4 = 2600 + 12500 ie 15100 in total
2.9% on every dollar borrow. To make it simple say you want to borrow 1 dollar I tell you ok but have to pay me back that dollar + 2.9% interest which means you me 1.03$
You borrow money and must pay back in full plus interest.
There is no calculation involved. You pay back the amount you borrow.
how much is the grant worth, does it have to paid back,
When you borrow money - either loan, overdraft, credit card etc..... - you will not be paying back as much interest. However, there is always a down side. You will not be getting as much interest on your savings. I say borrow a million, and blow the lot!!!!!
Advanatages: You can borrow large amounts. Disadvantage: You have to pay back with interest.
Interest means that you borrow money, and you owe it back with a little bit extra. e.g. you owe someone £10. After a month you give that money back. But for having let you borrow it, you might now owe £10 with 2 pounds (interest) added.
13,807.50
Principal is the amount of money you borrow. Interest is the fee charged by the lender (or bank) to use their money. The total amount of money you pay back is the principle + interest.