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Four years ago Hakim borrowed 275 to help pay for new tires for his car. He agreed to pay interest at a simple annual interest rate of 4. How much did Hakim owe at the end of 4 years?
Interest each year is 275 × 4% = 275 × 4/100 = 11 → total interest over 4 years is 4 x 11 = 44 → total to repay after 4 years is 275 + 44 = 319
Which type of interest is calculated by adding the interest earned to the principal during specific and agreed upon intervals?
comopound
What is the interest earned on 600000?
Not enough information. The interest earned depends on the capital (which is the only datum provided), on the interest rate, on the time (for example, how long you leave interest in your bank), and on whether simple or compound interest was agreed.
Is this true the interest rate on your loan will be fixed over time?
It depends on the terms agreed with the lender.
What is the meaning of indubitably?
It's a old word for agreed or definately.
What does the government pay when it borrows money?
It repays the borrowed amount plus an agreed upon rate of interest.
What are the interest rates on credit card?
Interest Rates on credit cards, comes from banks or credit union that provides to the consumer borrowed money, this over a period of time that the money is borrowed. When the consumer has not paid back the borrowed money in the time that was agreed, then occur a calculation of the interest base on the credit of the consumer ( or card holder) and this represent the bankers profit. Interest rates can vary from 7 to 35%. This Interest Rate is an annually basis or APR and this fee is for the privilege of borrowing money
What are examples of loans that don't have to be paid back?
There are no examples of loans that do not have to be paid back. Loans are typically borrowed funds that must be repaid with interest according to the terms agreed upon.
I borrowed 180 from you last week This week i paid you back 225 What was the Annual Percent interest you charge me for the loan?
You paid me back the 180 you borrowed plus 45 interest.45/180 = 0.25 = 25% .I charged you 25% for one week. That's equivalent to 1,300% a year.If you had kept the money for a whole year, you would have owed me 2,520 on a loan of 180.I was very happy that you agreed to that interest and agreed to pay me back in cash.I was even happier that you didn't take me to court. Should you change your mind anddecide to do that in the future, I'll deny that it ever happened.
How do interest-only loans work?
An interest only loan is one of the options for people looking for a mortgage to buy their own home. This type of loan means the borrower usually pays a lower monthly amount and it's useful for someone that might have a variable monthly income. The principal, or amount initially borrowed still has to be paid back at the end of the loan period however. Interest is paid as an agreed percentage of the principal (the amount borrowed).
What is conventional interest?
interest rate agreed upon by both parties
What types of interest free credit cards exist?
Credit card interest is the principal way in which card issuers generate revenue. A card issuer is a bank or credit union that gives a consumer (the cardholder) a card or account number that can be used with various payees to make payments and borrow money from the bank simultaneously. The bank pays the payee and then charges the cardholder interest over the time the money remains borrowed. Banks suffer losses when cardholders do not pay back the borrowed money as agreed.
Why did Lincoln emerge as a leader after the Lincoln -Douglas Debates?
He emerged as a leader because he was a better debater and most Americans sympathized with his arguments.
How much will you pay in interest on five thousand dollars?
It depends on the interest rate agreed with the lender.
When a creditor sends you a 1099- c do you have to claim all the inteerest and late fees they added?
Yes. Of course. Kinda late in the game to understand that you borrowed money from someone. You pay them back as agreed, or there are consequences. One of those consequences is paying them for all interest, fee's and costs in doing whatever they had to because you failed to do as you agreed. Simply, that became part of your debt.
What type of interest is calculated by adding the interest earned to the principal during specific and agreed intervals?
Compound
Four years ago Hakim borrowed 275 to help pay for new tires for his car. He agreed to pay interest at a simple annual interest rate of 4. How much did Hakim owe at the end of 4 years?
Interest each year is 275 × 4% = 275 × 4/100 = 11 → total interest over 4 years is 4 x 11 = 44 → total to repay after 4 years is 275 + 44 = 319
