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What is the answer to algebra wth soluion for What do you call it when someone pays back a loan quickly?
Wiki User
∙ 8y ago
What you're describing, when someone pays back a loan quickly, is often referred to as "early repayment" or "early payoff" of the loan. This means the borrower is making payments ahead of the scheduled repayment plan or paying off the entire loan balance before the agreed-upon term ends.
In terms of algebra, if you want to represent this concept mathematically, you can use variables and equations. For example, let's say:
- A represents the initial loan amount.
- r represents the annual interest rate (as a decimal).
- t represents the time period (in years) for the loan.
The standard formula to calculate the total amount paid on a loan is:
Total Amount Paid = A + A * r * t
If someone pays back the loan quickly, they would reduce the value of 't' (time). The solution would involve modifying the equation to reflect the early repayment, which would result in paying less interest and possibly reducing the total amount paid. The specific solution would depend on the details of the loan and the early repayment terms.
Mohamad Ikhlasul Ama...
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How algebra started?
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Did the Arabs invent Algebra?
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