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What is the total amount of money owed if 1250 was borrowed for four years at 3.5 interest?
Wiki User
∙ 6y ago
What is the total amount of money owed if $1,250 was borrowed for four years at 3.5% interest?
Wiki User
∙ 6y ago
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How much would 900 invested at 6 percent interest compounded continuously be worth after 4 years?
At 6% interest, the total amount of money increases by a factor of 1.06 (100% + 6%) every year, so to get the amount after 4 years, you calculate 900 x 1.064.
How much interest if you borrow 2000 at a rate of 6 percent for 2 years?
if its simple interest: I = prt = 240 the total money to be returned is 2240
A combined total of 24000 is invested in two bonds that pay 7.5 and 9 simple interest The total annual interest is 1935 How much is invested in each bond?
x = the amount of money that was invested at the first bond y = the amount of money that was invested at the second bond x + y = 24,000 so, y = 24,000 - x 0.075x + 0.09y = 1935 0.075x + 0.09(24,000 - x) = 1935 0.075x + 2160 - 0.09x = 1935 -0.015x = - 225 0.015x = 225 x = 225/0.015 x = 15,000, this is the amount of money that was invested in the first bond y = 24,000 - x y = 24,000 - 15,000 y = 9,000, this is the amount of money that was invested in the second bond Check it: 15,000 x 0.075 = 1,125 9,000 x 0.09 = 810 1,125 + 810 = 1,935
Why is compound interest better than simple interest?
Compound interest is better than simple (or "nominal") interest because compound interest allows you to add your accumulated interest back to your total every given term (i.e. each day, each week, each month, quarterly, annually, etc.), thus increasing the amount of money you are earning interest on.Example:Say you deposit 100 dollars for 2 years at 10% per year in 2 banks, one which does not compound your interest (Bank A), and one that compounds annually (Bank B).Bank A:After 1 year: 100 x 1.10 (1.10 = your amount + 10%) = 110After 2 years: 100 x 1.20 (1.20 = your amount +10% x 2) = 120Bank B:After 1 year: 100 x 1.10 = 110but then instead of using 100 again, you add the additional 10 back into your total and collect interest on 110 dollars in year two.So:After 2 years: 110 x 1.10 (1.10 = your amount + 10%) = 121
Tony had 13 bills in his wallet They were all fives or tens The total amount of money in his wallet was 90 How many five dollar bills did he have in his wallet?
8
What is the interest and the total amount of money that the US government has borrowed known as?
The National Debt
What is the interest and total amount of money that the US borrowed?
either surplus or deficit :p
When we talk of interest rates are these the borrowing rates or the lending rates?
When we talk of interest rates , we are talking of the interest rate on the total amount of money borrowed by a person.
Define national debt?
the total amount of money that a country's central government has borrowed and is not still paid.
The amount of money borrow is called the?
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.
Rolex borrowed 3200 from his credit union for 4 years he was charged 9.8 percent simple interest what was his total amount he owed the credit union?
34
How do you figure out your total amount of money after interest?
It depends on whether it is simple or compound interest. The formula for simple interest is A = P(1+rt), where A = amount of money after t years, P = Principal, or the amount of money you started with, and r = the annual interest rate, expressed as a decimal (i.e. 7% = 0.07). For compound interest, the formula is A = P(1+r)t.
What are the terms of an interest only mortgage Is it equivalent to a 30-year fixed with additional principal payments?
With an interest only mortgage, the borrower pays only the interest due on the money that is borrowed. There is no money allotted in the payment amount that is reducing the principle. Interest only mortgages therefore have much lower payments but can result in negative amortization. 30-year fixed rate mortgages have money (albeit a very small amount to begin with) figured into the payment which is paying off the principle from the very first payment. Making additional payments toward the principle not only reduces the total amount of the loan, but also the amount of the total interest that will be paid to the lender. The amount of the payment may be much higher, but the result is equity (ownership). An interest only loan never leads to equity other than appreciation.
The ________ is the total accumulation of money borrowed by the government.?
federal debt
how personal loan interest is calculated?
Here's a simplified explanation of how it works: Principal Amount: The principal amount is the initial sum you borrow from the lender. This is the base amount upon which interest is calculated. Interest Rate: The lender specifies an annual interest rate as a percentage. For example, if you have a $10,000 personal loan with an annual interest rate of 5%, the interest rate is 0.05. Time Period: The time period refers to the duration for which you borrow the money, usually expressed in years but sometimes in months. For example, if you have a 3-year loan, the time period is 3. Interest Calculation: To calculate the interest for each period (usually monthly), you multiply the principal amount by the annual interest rate divided by the number of periods in a year. For example: Monthly Interest = (Principal Amount × Annual Interest Rate) / 12 Total Interest Paid: To find the total interest paid over the life of the loan, multiply the monthly interest by the total number of periods (months) in the loan term. For a 3-year loan, this would be 36 months. Total Interest = Monthly Interest × Total Number of Periods Total Repayment Amount: To determine the total amount you'll repay, add the principal amount to the total interest. Total Repayment Amount = Principal Amount + Total Interest
What is money down and is it included in the loan amount?
money down is the down payment towards a loan. It is deducted from the total debt, or principle before interest is applied.
How much is the average mortgage?
The average national monthly mortgage payment in the United States was $1,687 in mid 2006. By contrast the average rent was roughly $890. ===What is a mortgage=== A mortgage is the amount of money borrowed from the bank to purchase a house or other real property. The monthly payment amount varies based on: *Total amount borrowed *Length of the mortgage (A standard length is 30 years but can be anything) *Interest Rate (Fixed or variable, market rate and credit history) *Escrow requirements (Based on taxes and insurance and how much money you put down to start with) *Other terms (Balloon mortgage)
