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Ramesh borrowed money from the bank to purchase a car. In addition to paying back the borrowed funds what else will he owe the bank?
Wiki User
∙ 7y ago
He will definitely pay interest on the amount outstanding each month... He may also have had to pay an arrangement fee.
Wiki User
∙ 7y ago
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Can you sue your absent husband for not paying a credit card he borrowed money on from you?
Can you sue your absent husband for not paying a credit card he borrowed money on, the credit card is in my name only?
Do you get money back after paying off auto loan in advance?
Yes you do get mone back after payin back all of the money that u have borrowed and more
I financed a vehicle for one amount now my first payment is due and the payoff amount is higher than the borrowed amount. Is that correct or legal?
Are you including the interest that is being charged on the borrowed amount? When you borrow money, say $10000, you are charged interest on that amount. So you'll end up paying far more than the $10000 you borrowed.
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.
How can i have bad credit when i don't own a credit card?
Your credit rating is assessed by companies on your past history of paying back money you have borrowed. People that have never borrowed money will not have a recognised rating. As far as companies are concerned this is considered a poor risk and you may be classed as having a 'bad' credit rating.
Can you sue your absent husband for not paying a credit card he borrowed money on from you?
Can you sue your absent husband for not paying a credit card he borrowed money on, the credit card is in my name only?
What are Advantages of paying off loan early?
You pay less interest on the amount borrowed,
Hire purchase?
Paying in instalments
What does the purchase mean?
to acquire by paying for it
What is Splitting a purchase?
One person paying half and another person paying half.
What splitting a purchase?
One person paying half and another person paying half.
Splitting a purchase is?
One person paying half and another person paying half.
What does the word purchase mean?
to acquire by paying for it
What is the advantage in paying with a lump sum?
The advantage of a person paying with a lump sum is that it will affect the interest that a person will pay on the money they have borrowed. Paying a lump sum will also help a person because a person will pay less on their interest and mortgage.
Shopping at target and paying cash for your purchase is a function of?
pricing
Why banks let us borrow money?
Because when you pay it back you are paying interest, so you pay more than you borrowed, so they profit from it.
Do you get money back after paying off auto loan in advance?
Yes you do get mone back after payin back all of the money that u have borrowed and more
