It will take 78 days and a bit.
If you're collecting it, it's wonderful.If you're paying it, you have my condolences.
18x1000.00 + when the loan has to paid back by.
5% interest is just 5% of the final monthly bill being added to your bill....say the bill is 100.00 a month...well you're gonna be paying 105.00 a month...
That's an effective annual rate of 15.39%, thanks to the magic of compound interest (simple multiplication gives 14.4%, but this neglects the fact that if you don't pay it off each month you wind up paying interest on interest).
Compound Interest FormulaP = principal amount (the initial amount you borrow or deposit)r = annual rate of interest (as a decimal)t = number of years the amount is deposited or borrowed for.A = amount of money accumulated after n years, including interest.n = number of times the interest is compounded per yearExample:An amount of $1,500.00 is deposited in a bank paying an annual interest rate of 4.3%, compounded quarterly. What is the balance after 6 years?Solution:Using the compound interest formula, we have thatP = 1500, r = 4.3/100 = 0.043, n = 4, t = 6. Therefore, So, the balance after 6 years is approximately $1,938.84.
If you're collecting it, it's wonderful.If you're paying it, you have my condolences.
18x1000.00 + when the loan has to paid back by.
The answer depends on how often the interest due is recalculated, If annually then 1008; if monthly, then 945.34
The penalties by paying on time. The interest by paying it off.
The average interest for the lowest refinancing mortgage rate depends on the company and how long one has been paying the loan and the value of what is left. An example is one to four percent interest rate.
5% interest is just 5% of the final monthly bill being added to your bill....say the bill is 100.00 a month...well you're gonna be paying 105.00 a month...
Because that is the business or main purpose of the Bank. When you deposit any money in a bank, you expect an Interest. How can the bank afford to pay you interest? It lends the money you deposited and obtains an interest from the loan borrower. After taking a percentage of that interest as profit for them, the remaining is usually given to the deposit customers. The bank will be in huge losses of it is accepting deposits and paying interest while not charging interest on the money it lends.
The bank customers share of profit made on loans by the bank is called the "Interest". It is the money the bank pays the customer for having their money deposited with the bank. As you know, the bank earns an interest income from loan customers for the money they lend them, and since this money they lend is taken from the deposits placed by customers, banks share the profit by paying an interest to the customer who has placed the deposit with them.
The main functions of a bank as part of financial intermediation are:accepting deposits from customers and paying them interest on the deposited amountgranting/disbursing loans to customers and received interest for the loan amount
That's an effective annual rate of 15.39%, thanks to the magic of compound interest (simple multiplication gives 14.4%, but this neglects the fact that if you don't pay it off each month you wind up paying interest on interest).
No.
If you repay your loan before the interest comes due you will be probably be paying no interest on your loan. You will probably only be paying off the principal.