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If I matched the interest every payment how much percentage of interest would I end up paying?
Wiki User
∙ 11y ago
You will end up paying round about 10% interest all together so not much at all by the end. You would end up paying not too much less as your interest will go up slightly over time whilst still paying.
Wiki User
∙ 11y ago
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What are some shortcuts on a loan calculator?
Multiply the monthly payment you are required to pay by the percentage interest you are paying. This will give you the amount of your loan each month that goes toward interest. Subtract this number from the total monthly payment for your amount of principle.
Why is there more interest paid at the beginning of a loan period than at the end?
In a simple interest loan, you are paying interest on the amount of money you have borrowed in each payment period. When you make a payment, a certain amount of it goes to repay the loan, reducing the principle. In the next payment period, your interest is being calculated on a smaller amount borrowed. In the first payment, you are paying interest on the entire amount borrowed. In the next payment, you are paying interest on the amount borrowed minus the principle amount from the first payment. That's why paying extra principle early in the life of a loan can make a big difference in the time it takes to pay it off. In a 30 year home mortgage for example, in the first year the principle will be reduced by about the amount of one month's payment. If you make an extra payment toward the priniciple equal to one month's payment, you will have effectively gained an entire year in the retirement of the loan.
What is better a higher or a lower percentage?
If you are receiving interest on an assett, a higher interest is better. If you are paying interest on a debit, a lower interest is better.
When using a payday express loan what is the proper terminology for postponing the payment until next payday and only paying the accrued interest?
When using a payday express loan, the proper terminology for postponing the payment until next payday and only paying the accrued interest is called an interest only loan
What is the cost of purchasing something with credit by financing and cash?
When you buy something on credit, there is going to be an interest payment. And even if you are told that there is no interest payment, such offers generally come with an "administrative fee" which means that you are paying interest under another name.
What is the difference between making a regular payment to a loan or applying a payment to only principal?
Generally, an unscheduled loan has interest compounded at the end of a time period (in most cases a month, sometimes a week.) When you make a loan payment, you are generally paying both accrued interest and principal debt. When you pay only to the principal, you are paying back the original amount without interest. This is done by people in order to reduce future interest payments.
What is a good interest rate for debt consolidation loan?
Generally interest rate for debt consolidation remains low. But it also depends on different companies and their policies. They also lower your credit card interest payment up to 60%. By consolidating your debt you are paying one monthly payment, which is lower than all the payments you are paying to creditors. The debt consolidation agency uses this payment to pay off the actual debt and the interest on the debt.
What is the difference between apr and interest?
APR is the annual percentage rate... how much per year you're paying in interest expressed as a percentage of the principal. Interest is the amount of money you're paying in order to borrow money. They're related, as you can see, but they're not quite the same thing.
Paying a small percentage of a stock price as a down payment and borrowing the rest?
Called " Buying on Margin"
What are amortization schedules?
Amortization schedules are used when detailing an amortizing loan. They lay out how much and when you will pay off your debt. Specifically an amortization schedule deals with the percentage of the actual loan you will be paying off as compared to the interest per payment.
When does a mortgage go from interest to principle?
That depends on the length, amount, and interest rate of the loan. You would need to use an amortization calculator to figure out the exact point when you are paying more on the principle than the interest. You will be paying at least a little bit of interest up until the very last payment.
What is the monthly payment on 4000 if the percentage is at 8.6 percent?
It depends on how long you are repaying the 4,000 over. If you are simply paying off the interest with no repayment of capital then 8.6% pa on 4,000 gives 28.67 per month. If you want to repay the 4,000 back over 12 months then the monthly payment will be 349.06
