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Is a interest rate of 40 percent per month legal for a cash loan?
Wiki User
∙ 14y ago
It's a very high interest rate but not illegal. A rate this high will give you an incentive to pay it back quickly.
Wiki User
∙ 14y ago
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What is the journal entry if someone borrowed cash from you with an interest of 6 percent per month?
Debit short term loanCredit cash / bank
Is it legal for a credit card company to charge 109.96 percent interest on a cash advance?
Credit card interest and fees are determined at the state level at present. Congress has passed a law which makes bait and switch tactics more difficult but legal interest ceilings are still a state matter.
How much interest is paid to cash advance lenders?
Cash advance lenders charge outrageous interest rates to borrowers, ranging anywhere from thirty percent to three-hundred percent. This is why it is advised never to borrow from a cash advance lender.
What is the best interest rate offered by First Direct?
The best interest rate offered by First Direct is for Cash ISA. Cash ISA pays interest rate of 0.5 percent for balances from 1 to 5000 pounds and 3 percent for balances larger than 40000 pounds.
What is journal entry when started business by borrowing cash from friend with interest 12 percent?
[Debit] Cash account xxxx [Credit] Capital xxxx Interest will paid after a year when it will due.
What is the journal entry if i received 10000 as a interest income and 10 percent percent advance income tax paid?
debit cash 9000debit tax 1000credit interest income 10000
What is the journal entry of interest on capital of Rs 50000 10 percent?
[Debit] Interest on Capital 5000 [Credit]Cash/Bank 5000
What is a Cash ISA?
A cash ISA is somewhere you can keep your savings if you pay taxes. The interest earned on a cash ISA is 100 percent tax-free, as opposed to a normal savings account.
What is treatment of interest in cash flow statement?
interest is shown in cash flow from operating activities as cash outflow if interest is paid.
What is the journal entry for interest income?
If you actually received the cash then the entry would be Cash Interest Revenue if you haven't yet received cash and are recognizing the interest income.. Interest Receivable Interest Revenue
What is the difference between universal life insurance and the other alternatives?
Universal Life is a type of permanent life insurance based on a cash value. That is, the policy is established with the insurer where premium payments above the cost of insurance are credited to the cash value. The cash value is credited each month with interest, and the policy is debited each month by a cost of insurance (COI) charge, and any other policy charges and fees which are drawn from the cash value if no premium payment is made that month. The interest credited to the account is determined by the insurer; sometimes it is pegged to a financial index such as a bond or other interest rate index.
What interest rate does Pounds till Payday charge?
Most of the cash until your payday companies have a lower interest rate if you pay when you say you will. It's usually 3 or 4 percent interest rate.
