# If car is repoed why are you required to pay the total interest on a loan?

Maybe you could call an attorney for state specific advice.

### Are there any advantages in making an extra house payment per year?

The advantage is to increase the principal being paid on the loan which in turn will reduce the total interest paid on the loan whilch reduces the total number of required payments. So basically this allows you to save on total interest charges. But make sure your loan has no penalties for early payoff!

### What is a simple interest in math?

Simple interest is interest that is calculated only on the amount of unpaid principal on a loan. Such interest is not added to the value of the loan but is tracked separately. Compound interest is interest that is calculated on the total of unpaid principal and accumulated interest on a loan. The difference is in simple interest there is no interest charged on accumulated interest while in compound interest there is interest charged on accumulated…

### What is interest loan on 10500 at 3 percent for 5 years?

The total value of a loan of 10500 at 3 per cent, which is paid back at the end of 5 years is 10500*(1.03)5 = 12172.38 So the interest on the loan is 12172.38 - 10500 = 1672.38 The interest will be lower if the loan is paid back, bit by bit, over the 5-year period. The interest on the loan will then depend on how often repayments are made whether in constant amounts or…

### Why does 6.99 APR on your loan when calculated actually mean you will pay 22.88 total interest?

No one advertises an interest rate based on the total interest paid because almost all loans are calculated using a yearly simple interest rate. Your payment is then computed based on paying the loan off on a monthly basis. You can prove this to yourself by dividing the average interest paid by the average balance over a 12-month period. The longer you take to pay a loan off, the greater the total interest you pay…

### What is the process for the amortization of a loan?

Amortization of a loan is calculated according to the interest rate you have obtained from your lending institute. When a loan is amortizised over ten years, the principle, or original price of the product, is multiplied by the interest percentage for each year or month, and that is added to the total of the loan.

### Can you really keep paying principle payments towards your car loan and reduce interest?

By paying down the principle you decrease the amount of interest you pay on the loan. This will save you considerable on interest charges over the life of the note. If you simply pay an additional amount on the loan each month, over and above the required payment amount, you will also pay the loan off in a shorter period of time.

### What is the difference between a complex and a simple interest?

With simple interest the interest is only charged on the original loan. This is least favourable to lenders - if a payment is missed, only interest on the original loan is added. If extra interest is paid off, or an interest payment is missed, the total interest for a year remains the same. With compound interest, interest is charged on the original loan and [unpaid] interest - each month no repayment is made the interest…

### Creditor payments difference from cost of sales?

The creditor total payments will differ from the price of the sale unless you have a 0% interest loan. The interest armoritized in the amount of the total of payments. Some companys have simple interest loans, meaning that the interest is accumulated on a daily basis, rather than being financed for the full term of the loan. When payments are made in a timely manner or earlier, you will save alot on interest charges.

### What is a loan holiday for term loans?

A loan holiday is some period of time (e.g., one payment period, two payment periods, etc.) where the borrower is not required to make a payment and will not be penalized as a result. For most loans, a holiday will not stop the loan from accruing interest, so when using a loan holiday, remember, you are paying additional interest for the privilege.

### Is interest computed differently on revolving credit vs non revolving credit?

Yes. Interest accrual methods will depend heavily on the specific loan type. Different revolving accounts may be calculated differently, as will different fixed loan types. Most commonly, a non-revolving loan may be "simple interest" where interest is calculated daily based on the principle loan balance, or may be "amortized" where a set amount of interest is charged each month based on calculations made when the loan was granted. Lenders may also use a slightly different…

### How do you get your pulse rate down?

Our soft calculator accepts:&Loan amount: The total amount of money that you have borrowed.&Percentage of Down Payment&Loan term: The number of years you have to pay off your loan.&Annual Interest Rate: The exact interest rate on yourdgdgfds loan. This is deferent from the annual percentage rate or APR which is standardized method of calculating the cost of a loan, stated as a yearly rate which includes such items as interest, loan insurance, and certain points…

### Is it better to get a high interest short term loan or a low interest long term loan?

It depends on how long you need the loan for and how long it would take for you to complete the payment. But in general a low interest long term loan means a higher interest payment over the life of the loan where as a high interest short term loan means less amount of interest payment over the life of the loan.

### If you make your house payment later than the first of the month are you paying more interest?

You pay interest on the outstanding loan balance. The longer you have the loan combined with the size of the loan determines how much total interest you pay. When exactly you make a payment is less of a factor. If you make a double payment every month you will be paying a lot less interest over the life of the loan. If you are asking if paying the loan late (after the monthly due date)…

### How can you pay off your mortgage fast?

By making extra payments, and if your loan currently has a very high interest rater, refinance it so the interest you are being charged is less. For example, if you have a 200,000 loan at 6.5% interest and 30 year term, paying $300 extra per month reduces the number of monthly payments by 141, or 11.75 years, and reduces the interest and total paid by $113,531.55. Reducing your interest rate on the same loan above…

### You are current registered owner of car at DMV Leinholder lender that gave you loan is current legal owner at the DMV Can another lender repo your car saying they have an old interest in vehicle?

No, this would be considered a lien loss. Typically this occurs when a vehicle is traded in, previously repoed and resold, or sold outright and the previous lienholder either never perfected the lien, or provided the proper paperwork when reselling it after repossession. If the vehicle is repoed, contact your lender to ensure they did not order it, contact the repo agency who recovered it and report it wrongfully repoed, and demand the name of…